Things may be improving for buyers elsewhere in the state, but in Thurston County, prices are still up while the number of homes for sale is down.
Thurston County’s median home sale price rose 9 percent year-over-year in July to $318,000, while inventory fell 4.5 percent, according to Northwest Multiple Listing Service data released Monday.
That’s for the combined condo and home market. Prices rose 8.6 percent across the Northwest MLS service area that spans 23 counties, mostly in Western Washington.
Thurston County had about a month and a half of inventory in July. A balanced market between buyers and sellers is four to six months.
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The drop in inventory was among single-family homes, with 832 listed in July 2017 compared with 773 last month. Condo listings were up from 30 units last year to 50 last month.
But supply elsewhere improved in July. Seattle and King County saw supply at the highest level since early 2015, and analysts say the days of multiple offers are over.
The median sale price for a single-family home in King County in July was $699,000, up 6.2 percent from a year ago.
“It has been a long time coming, but we finally have some solidly good news for buyers in the Puget Sound area,” OB Jacobi, president of Windermere Real Estate, said in a Northwest MLS news release. “The increase in listings is clearly having a calming effect on prices while also giving buyers in the region somewhat of a reprieve from the frantic market of months past.”
The trend in Pierce County was similar to that in Thurston County: Inventory dropped 3.4 percent, and year-over-year prices were up nearly 14 percent, according to the Northwest MLS data.
“Pierce County has, for a handful of years, been the affordability solution for buyers who would otherwise buy in King County,” Mike Larson, president of ALLEN Realtors in Lakewood, said in the release.
“Buyers are willing to spend two or three hours in their cars each day if it means buying twice as much house.”
Thurston County single-family home data for July 2018 compared with July 2017:
- Sales fell 2.8 percent to 518 units from 533 units
- Median price rose 8.5 percent to $320,000 from $295,000
- Pending sales rose 7.6 percent to 655 units from 609 units
Thurston County condo data for July 2018 compared with July 2017:
- Sales rose to 12 units from 10 units
- Median price rose 24.8 percent to $177,750 from $142,425
- Pending sales went to 18 units from 17 units
Source: Northwest Multiple Listing Service