School is in session, it’s almost the holidays, yet the local housing market roars on
The school year has started, the holidays are almost here and yet there’s been little seasonal slowdown in the Thurston County housing market. In fact, October sales of single-family residences rose 15 percent over the same time last year.
That’s according to Northwest Multiple Listing Service data, which were released Monday. Nearly 500 residences sold in Thurston County last month, and the median price continued to rise, up about 5 percent to $280,500.
The trend that dogged prospective buyers all summer — low levels of inventory — also extended its run into October. The county had 1.37 months of inventory last month. A healthy inventory is considered to be four to six months.
Despite that reality, Ken Anderson, president and owner of Coldwell Banker Evergreen Olympic Realty in Olympia, argues strong demand has trumped lack of inventory.
“The challenge for buyers isn’t lack of choice, it is the rapid pace of sales,” Anderson said in a statement.
Meanwhile, low levels of inventory were felt throughout Western Washington.
Kitsap County had 1.51 months of inventory for single-family residences, Pierce County 1.46, Snohomish, 1.11 and King County, with its red-hot economy, 1.07 months.
Strong demand, combined with the low inventory, has recently hurt sales in King County. There, sales fell 2.87 percent last month, while the median price shot higher by nearly 15 percent to $630,000, up from $550,000 a year ago, the data show.
A closer look at the Thurston County single-family residence data for October 2017 versus 2016:
▪ Number of homes sold rose 15.7 percent to 494 units from 427 units.
▪ Median price rose 4.7 percent to $280,500 from $268,000.
▪ Pending sales rose 13.1 percent to 545 units from 482 units.
▪ Total listings plunged 24 percent to 679 units from 895 units.
Thurston County condo data for October 2017 vs. 2016
▪ Sales rose to 25 units from 11 units.
▪ Median price rose 22 percent to $155,000 from $127,000.
▪ Pending sales rose to 15 units from 12 units.
▪ Total number of listings rose to 32 units from 22 units.
▪ New listings in October rose to 14 units from seven units.
Source: Northwest Multiple Listing Service
This story was originally published November 7, 2017 at 7:00 AM with the headline "School is in session, it’s almost the holidays, yet the local housing market roars on."