Thurston median home price rises 6.5 percent in May in year-over-year comparison
The Thurston County housing market continues to move in mysterious ways and push prices up, according to recently released Northwest Multiple Listing Service data.
Despite record unemployment created by the COVID-19 pandemic — the county’s jobless rate was nearly 15 percent in April — the median price of a single-family home continues to rise, the data show.
From May 2019 to May 2020, the price increased 6.5 percent to $367,600, according to Northwest MLS.
“It’s a function of inventory,” said Steve Garrett, owner of the Windermere Olympia real estate office. He said there still are not enough homes for sale in the market, yet there is enough demand to push prices higher.
Data shows the county has about a month of home inventory, which is how long it would take to exhaust the current supply of homes for sale if none were added. It also means that sellers in the county still have the upper hand over buyers. A housing market that shows a better balance between buyer and seller is thought to have four to six months of inventory.
And there’s a new wrinkle that could keep the inventory of homes for sale low, Garrett said. Mortgage interest rates have plunged, which means more people are staying put and just refinancing their mortgage, he said.
Still, the pandemic is being felt in other ways, the data show.
Sales of single-family homes fell 30 percent from a year ago, although 329 residences still changed hands last month.
Thurston County single-family home data
▪ Sales fell 30 percent to 329 units in May 2020 from 470 units in May 2019.
▪ Median price rose 6.55 percent to $367,600 from $345,000.
▪ Pending sales fell 19.25 percent to 558 units from 691 units.
Thurston County condo data
▪ Sales fell to 10 units in May 2020 from 11 units in May 2019.
▪ Median price fell 3.83 percent to $201,950 from $210,000.
▪ Pending sales fell to 12 from 20.
This story was originally published June 10, 2020 at 5:45 AM.
