The new year is off to a good start for prospective Thurston County home buyers
Prospective Thurston County home buyers had a wide variety of homes to choose from in January.
That’s because the inventory of single-family homes in January was 9 percent larger than this time a year ago, according to new Northwest Multiple Listing Service data released this month.
The number of single-family homes for sale rose to 483 units from 442 units in January 2018.
And it’s not just in Thurston County. Inventory levels more than doubled in King and Snohomish counties from the year-ago period, and they were 18 percent higher in Pierce County, the data show.
Why is inventory higher? Seasonal factors play a role, plus sales continue to slow. Sales fell nearly 5 percent in Thurston County last month from a year ago, the data show.
Sales also dipped 2 percent in King County, 11 percent in Snohomish County and 9 percent in Pierce County.
Despite the higher inventory, it’s not a buyer’s market yet. A healthy balance between buyer and seller is thought to occur when inventory levels reach four to six months. It was higher in January, which translates to about two months of inventory in Thurston County.
Meanwhile, sellers will be happy to know that median price rose 10.5 percent.
A closer look at the Thurston County single-family home data for January 2019 compared to January 2018:
▪ Sales fell 4.7 percent to 265 units from 278 units.
▪ Median price rose 10.5 percent to $315,000 from $285,000.
▪ Pending sales were essentially flat, rising to 444 units from 439 units.
A closer look at the Thurston County condo data for January 2019 versus a year ago:
▪ Sales fell to 15 units from 20 units.
▪ Median price fell to $179,900 from $192,000.
▪ Pending sales fell to 15 units from 20 units.
This story was originally published February 14, 2019 at 7:00 AM.
