Brace yourself: Thurston County homes are selling faster than last year

Although home sales were flat in April, all of the hallmarks of Thurston County's hot housing market were otherwise still in play last month, according to new Northwest Multiple Listing Service data released Monday.

About 400 single-family residences sold last month, and the median price jumped more than 8 percent, indicating that a median price of $300,000 is here to stay.

On top of that, inventory remains low at 1.17 months, the data show, which favors sellers. Inventory levels that don't favor either sellers or buyers are thought to be in the range of four to six months.

And new listings are being snapped up even faster than before.

"The biggest difference over last year is the swifter pace of the market," said Ken Anderson, president and owner of Coldwell Banker Evergreen Olympic Realty of Olympia. "More of the market is pricing right, which means the seller did not need a price reduction before receiving an acceptable offer."

He added: "Those buyers are putting these priced-right homes under contract in an average of just nine days, down from 15 days a year ago. By way of comparison, the last market peak in 2006 saw an average of 43 days on the market for the priced-right homes."

Despite the continual run of low inventory, Anderson said new listings are coming to market.

In April, 564 single-family residences hit the market, compared to 570 units a year ago, the data show.

Year-to-date has seen 1,912 homes come to market, Anderson said.

"The market is giving buyers more to choose from," he said.

Elsewhere in Western Washington, the market also sizzled, especially in King County where sales of single-family residences rose 4 percent, while the median price shot up 16 percent to $725,000. Inventory stood at one month in April.

A closer look at the Thurston County residence data for April 2018 compared to 2017.

▪ Sales were unchanged at 401 units.

▪ Median price rose 8.54 percent to $305,000 from $281,000.

▪ Pending sales: Fell 2 percent to 595 units from 607 units.

Thurston County condo data for April 2018 versus 2017

▪ Sales: Rose to 13 units from 10 units.

▪ Median price: Rose to $176,520 from $158,500.

▪ Pending sales: Rose to 18 units from 15 units.

▪ Total active listings: Rose to 25 units from 24 units.

▪ New listings in April rose to 17 units from 16 units.

This story was originally published May 8, 2018 at 7:00 AM with the headline "Brace yourself: Thurston County homes are selling faster than last year."