The South Sound housing market had a great summer and that continued into September as sales of single-family residences once again rose by double-digit levels in Pierce and Thurston counties, according to Northwest Multiple Listing Service data released Wednesday.
Median price also showed healthy gains last month in both counties — up nearly 11 percent in Pierce County and 6 percent in Thurston County from September a year ago — while inventory levels also inched higher last month.
Sellers have been in the drivers seat all year, but prospective buyers caught a break last month as more single-family residences hit the market, the data show. Months of inventory — an estimate of how long it would take to exhaust the supply of single-family residences at the current pace of sales — moved closer to two months in Pierce County and remained slightly higher than two months in Thurston County, the data show.
“The increase in listings is pretty unusual given that the number of listings usually declines between August and September,” said Windermere President OB Jacobi in a statement. “Considering how desperate we are for inventory, I hope this trend continues as we head further into the fall months.”
Inventory levels also improved in King County, which resulted in better sales. Monthly sales had recently slumped in the county because of a lack of product, but this time they rose 6.5 percent last month from the same month a year ago. Median price jumped nearly 10 percent in the past year to rise to $538,000 in September.
A closer look at the single-family residence data for Pierce and Thurston for September 2016/2015:
▪ Pierce County: Sales rose 15.2 percent to 1,414 units from 1,227 units. Median price rose 10.5 percent to $279,000 from $252,500. Pending sales rose 13.2 percent to 1,695 units from 1,497 units.
▪ Thurston County: Sales rose 13.6 percent to 449 units from 395 units. Median price rose 6.3 percent to $269,900 from $253,900. Pending sales rose 15.9 percent to 554 units from 478 units.
September condo data for Pierce and Thurston counties
Pierce County condo data for September 2016/2015:
▪ Sales rose 65 percent to 94 units from 57 units.
▪ Median price rose 19.4 percent to $188,700 from $158,000.
▪ Pending sales rose 15.8 percent to 110 units from 95 units.
▪ Total number of condos for sale fell 26.2 percent to 141 units from 191 units.
▪ New condo listings in September rose to 89 units from 76 units.
Thurston County condo data for September 2016/2015:
▪ Sales rose to 13 units from nine units.
▪ Median price fell 12.3 percent to $149,000 from $170,000.
▪ Pending sales rose to 16 units from 12 units.
▪ Total number of condos for sale fell to 25 units from 28 units.
▪ New condo listings in September rose to 13 units from four units.
Source: Northwest Multiple Listing Service