Year-over-year sales for July fell less than 1 percent to 247 units from 249 units, and median prices fell 4 percent to $225,000 from $234,900, the combined single-family residence and condo data show. Thurston County home sales were nearly 300 units in June, compared with 247 in July, the data show.
Pending sales also were flat and the number of homes for sale fell nearly 14 percent to 1,827 units from 2,116 units. New listings in July fell to 476 units from 555 units.
Abbey Realty of Lacey designated broker Jeff Crandell said Thurston County could be losing some sales to Pierce County because of the growing disparity in prices.
Median prices there fell more than 11 percent last month, the data show.
Historically, home prices in Pierce County have been higher than Thurston’s, but “right now there is quite an imbalance,” he said. Spanaway, which has become one of the more affordable towns in the state, has homes for sale that offer granite counter tops and hardwood floors that would sell for 20 percent more in Thurston, Crandell said. Buyers in this market include the military and investors who are buying homes for a strong rental market as homeowners downsize, he said.
Washington Realtors Association past President Bill Riley, a builder, developer and real estate agent in Pierce County, said the county continues to have a high percentage of distressed properties – properties that are bank-owned, are in foreclosure or face a short sale, all of which put downward pressure on prices. A short sale occurs when the house is sold for less than the value of the mortgage.
“Now, if consumer confidence would improve, we would see more stability as far as median prices are concerned in the marketplace,” Riley said.
At the same time, he wonders what the perception of bad economic news will have on the housing market. On Thursday, the Dow Jones Industrial Average plunged more than 500 points on investor concerns about Europe’s debt crisis and a slowing economy here.
