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Report: Home Sales Up 12 Percent in Pierce County

Inventory is down 29 percent across the region as many buyers try to take advantage of low interest rates.

Real estate agents around Western Washington are preparing for a busy spring season, as sales and median home prices continue to show signs of improvement around the region.

In Pierce County, the number of closed sales was up 12 percent in February 2013 from the same month one year ago, according to a monthly report from the Northwest Multiple Listing Service (NWMLS). Median sales prices in the county rose 16 percent year-to-year, to $195,725 last month.

NWMLS, which includes local real estate agents and brokers, said depleted inventory is continuing to be a concern in many areas. Active listings in the NWMLS database are down 29 percent across Western Washington compared to this time last year.

“The market is struggling to provide enough inventory for anxious buyers seeking to take advantage of low interest rates,” Dick Beeson, principal managing broker of RE/MAX Professionals in Tacoma, said in a NWMLS news release. With 25 percent of local inventory categorized as "distressed," the market "leaves some buyers with tough choices,” Beeson said. 

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NWMLS Statistical Summary—February 2013

Single Fam. Homes + Condos New Listings Total Active Pending Sales Closings Avg. Price Median Price King 2,866 3,854 3,138 1,688 $402,646 $332,577 Snohomish 1,036 1,529 1,236 673 $283,942 $260,000 Pierce 1,216 2,849 1,352 714 $218,558 $195,725

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How would you evaluate our local housing market? Tell us in the comments section.

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