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Houses hit the market

Foreclosures cause uptick in new listings

By Rolf Boone | The Olympian • Published January 07, 2009

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The number of Thurston County homes newly listed for sale rose 13 percent in December 2008 compared with December 2007, a possible sign that more foreclosed properties were coming on to the market, according to Northwest Multiple Listing Service data released Tuesday.

The data show that 216 homes were listed for sale in December 2008, up from 191 in December 2007.

Typically, December is a slow period for the housing market. Thurston County Realtors Association President Mark Steves said the increase could be a sign that more bank-owned properties were put up for sale, or that more homeowners in foreclosure were forced to sell their houses.

Although December listings were higher, year-over-year sales fell 33.8 percent to 174 units from 263 units, combined condominium and single-family home data show.

Median prices also fell year over year, although not as sharply as in some Western Washington counties. Thurston County median prices dropped 1.82 percent in December to $249,950 from $254,571, while in Pierce County, median prices fell nearly 13 percent in December to $235,000 from $269,950, the combined data show.

A bright spot for the Thurston County housing market: Pending sales rose nearly 4 percent to 220 units last month from 212 units in December 2007.

Although heavy snowfall and low consumer confidence might have hurt December home sales, mortgage interest rates remain at historic lows to stimulate some buying, Steves said.

Also promising is that inventory levels continue to fall, combined data show. Total active listings for December fell 5 percent to 1,652 units from 1,739 units year over year.

Having fewer homes being sold should help the housing market, he said.

When there are more homes on the market, "buyers don't have a sense of urgency to write a (purchase) offer" because there is so much to choose from, Steves said.

"As the inventory cuts down, there are more buyers competing for the same home," he said.

There also are plenty of real estate professionals competing for business, state Department of Licensing spokeswoman Christine Anthony said.

Thurston County is home to 1,041 real estate agents and brokers who do business here, she said.

Based on December's 174 home sales, that's one transaction for every 5.9 real estate professionals, according to licensing data.

Rolf Boone covers business for The Olympian. He can be reached at 360-754-5403 or rboone@theolympian.com.