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Buying a home in Thurston County continues to be an exercise in frustration

Construction rolls along in the D.R. Horton Gateway residential community off of Britton Parkway NE and Gateway Boulevard June 6 as the regional sales volume maintains pace with high demand yet low available existing inventory.
Construction rolls along in the D.R. Horton Gateway residential community off of Britton Parkway NE and Gateway Boulevard June 6 as the regional sales volume maintains pace with high demand yet low available existing inventory. sbloom@theolympian.com

If you’re a prospective home-buyer looking for a little relief in a market that favors sellers, you didn’t find it in June, according to Northwest Multiple Listing Service data released Thursday.

The inventory of single-family homes remains low and few listings were added in June. In fact, the number of new listings increased by only 10 units last month compared to June 2016. Meanwhile, existing inventory fell nearly 25 percent over the same period, the data show.

All of this resulted in 1.37 months of inventory in Thurston County in June. A healthy market that provides a balance between buyers and sellers is thought to have four to six months of inventory.

Need a silver lining? June’s months of inventory rose to 1.37 months, up from 1.33 months in May, data show.

Despite the low number of homes on the market, plenty of demand remains. More than 500 single-family residences sold in the county last month.

That demand pushed the median price up 7 percent to $287,500.

Dick Beeson, principal managing broker at Re/Max Professionals, reminded prospective buyers to come to the market prepared.

“Diligence and prior planning are necessary to win the day,” he said in a statement. “Buyers must be pre-underwritten for a loan, not just pre-approved. They must act decisively, not weakly or slowly. They must keep their composure and perseverance as they lose out on offers before finally winning.”

At least Thurston County’s housing market doesn’t mirror King County’s.

In King County, inventory fell below one month in June. In fact, there was so little to choose from that year-over-year sales were flat while median price, propped up by a super-charged tech economy, rose nearly 14 percent and pushed the median price to $653,000.

A closer look at the Thurston County single-family residence data for June 2017 compared to June 2016:

▪ Sales rose 13.3 percent to 544 units from 480 units.

▪ Median price increased 7.3 percent to $287,500 from $268,000.

▪ Pending sales rose 13 percent to 692 units from 611 units.

Thurston County condo data for June 2017 vs. June 2016

▪ Sales were unchanged at eight units.

▪ Median price rose 14.3 percent to $240,000 from $209,950.

▪ Pending sales rose to 18 units from 10 units.

▪ Total number of listings fell to 26 units from 39 units.

▪ New listings in June fell to 11 units from 21 units.

▪ Months of inventory: 3.25 months.

Source: Northwest Multiple Listing Service

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