Thurston County single-family home median price rises to $345,000 in May

The Thurston County housing market of 2019 looks a lot like last year and the year before that.

In other words, single-family home prices continue to rise — to a median price of $345,000 in May — inventory is tight and if you’re a buyer, best of luck to you, because there is still plenty of demand, according to Northwest Multiple Listing Service data released this week.

After a slow start to the year, some said the “feeding frenzy” in the market was over. And then Steve Garrett, owner of Windermere Olympia, said he had to wait his turn to see a home listed for $260,000.

“I’m going to eat my words,” Garrett said. “The market is robust to say the least.”

The market is slower for single-family homes listed at $500,000 or more, he said. But if it’s around the median price or lower, homes are flying off the market, sometimes in less than a week.

That doesn’t mean the sale closed in a week; it means the property is under contract and the purchase process is under way.

And at certain price points, there are still multiple offers, he said.

Buyers need to make sure they are pre-approved with their lender to buy a house, and they need that in writing, Garrett said. They also should be prepared for shorter home-inspection periods and to be prepared to make their highest and best offer, he said.

“It’s part of the game right now,” Garrett said.

Thurston County median home prices have risen from $315,000 at the start of the year, and from $330,000 in April.

A closer look at the Thurston County single-family home data for May 2019, compared to May 2018.

Sales were unchanged at about 470 units. The median price rose 11.3 percent to $345,000 from $310,000. Pending sales rose 5.6 percent to 691 units from 654 units.

A closer look at the county condo data for the same year-over-year period.

Sales fell to 11 units from 13 units. Median price rose 5.26 percent to $210,000 from $199,500. Pending sales were unchanged at 20 units.

Source: Northwest MLS