Number of homes sold in Thurston County rises in September and median price holds steady
The only thing missing from the Thurston County housing market in recent months has been an increase in the number of homes sold compared to the same period a year ago, but it finally happened: Sales rose 3.3 percent in September, according to Northwest Multiple Listing Service data.
Everything else about the county’s housing market looked the same. In short, it remains a market that heavily favors sellers and is more than competitive for buyers.
“There is an extreme shortage of homes priced up to $750,000 in Thurston County, and sales activity intensity ranges from frenzy to extreme frenzy,” said J. Lennox Scott, chairman and chief executive of John L. Scott Real Estate, in a statement.
Van Dorm Realty’s managing broker Steve Pust put it a different way: “Cash, lots of multiple offers and low inventory,” he said summarizing the market.
Months of inventory in the county remained at less than one month and total active inventory was still lower by nearly 60 percent from the same period a year ago. A market that doesn’t favor either sellers or buyers is thought to have four to six months of inventory.
However, there was a small glimmer of hope as summer turns to fall: New listings in September outpaced listings in September 2019, climbing 21 percent to 536 units from 442 units, the data show.
Still, that’s not likely to swing the market in favor of buyers anytime soon, real estate experts say. There are not a lot of vacant lots for builders to build on, mortgage interest rates remain at historic lows, and Thurston County rents are still high, Pust said.
In fact, the mortgage rate on a 30-year fixed mortgage now falls somewhere between 2.75 percent and 3 percent, he said.
“I don’t expect prices to decline,” Pust said.
A closer look at Thurston County data
▪ Single-family residence sales rose 3.3 percent to 533 units last month from 516 units in September 2019.
▪ Single-family median price rose 12.1 percent to $390,000 from $347,850 over the same period. The median price was $390,000 in August as well.
▪ Single-family pending sales rose 20.5 percent to 594 units from 493 over the same period.
▪ Condo sales rose to 21 units last month from 11 units in September 2019.
▪ Condo median price rose to $255,000 from $179,900 over the same period.
▪ Condo pending sales fell to 16 units from 18 units over the same period.
Source: Northwest Multiple Listing Service
This story was originally published October 8, 2020 at 5:45 AM.
