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The median price of a single-family Thurston County home was $340,000 in July. That’s down from $344,000 in June, but six percent higher from July 2018, according to new Northwest Multiple Listing Service data released Monday.
Although there’s been some fluctuation in median price, other facets of the county’s housing market appear as though they will never change.
Once again, single-family inventory was down; really down.
Months of inventory in July fell below one month, while previously red-hot housing markets, such as King County, experienced months of inventory closer to two months for a change, the data show.
A healthy balance between buyers and sellers is thought to have inventory in the range of four to six months. Lower inventory favors sellers, while higher inventory favors buyers.
Not only was the total inventory of active listings in the county down 26 percent from a year ago, the number of new listings coming to market also fell short, down to 616 units last month from 665 units in July 2018, the data show.
And yet the demand for a single-family home is still there, which pushed sales 13 percent higher than a year ago.
“Coastal counties and counties (outside Seattle) continue to see strong price increases,” said James Young, director of the Washington Center for Real Estate Research at UW, in a statement. “There seems to be a lot of out-of-state interest in these markets, given changes in tax laws that make Washington a relatively good place to retire, especially compared to California.”
A closer look at the county single-family data for July 2019.
▪ Sales rose 13.3 percent to 587 units from 518 units a year ago.
▪ Median price rose 6.25 percent to $339,999 from $320,000 a year ago.
▪ Pending sales were flat at 650 units from 655 units a year ago.
A closer look at the county condo data for July 2019.
▪ Sales rose to 16 units from 12 units.
▪ Median price rose to $212,500 from $177,750.
▪ Pending sales fell to 16 units from 18 units.
Source: Northwest MLS