Thurston County median home price rises to $400,000 for the first time
December is typically one of the slowest months of the year for the Thurston County residential housing market, but last month performed like it was the middle of summer as sales and the median home price shot sharply higher compared to the year before.
That’s according to new Northwest Multiple Listing Service data, which revealed that the median price of a single-family home here rose 17 percent to $400,000 last month.
Despite the pandemic and the slower economy it created, the real estate market has been on fire, pushed to new heights by low mortgage interest rates, low inventory and demand from buyers outside the area, real estate experts say.
“Some King County sellers will opt for less expensive homes outside the county, such as the South Sound area encompassing Pierce, Thurston, and Kitsap counties,” said Dick Beeson, managing broker of Re/Max Northwest. “With teleworking becoming the norm for many people, sellers in King County can buy a good home in a good neighborhood in the South Sound and have money left in their pocket. South Sound is a slowly awakening giant.”
That demand, combined with low inventory — months of inventory here fell to less than third of a month in December — has created a market that has been very good for sellers and extremely competitive for buyers.
A housing market that doesn’t favor either sellers or buyers has inventory in the range of four to six months. Thurston County inventory hasn’t been that high in years.
Experts see more of the same as the market heads deeper into the new year.
“I expect continued strong demand from buyers, but unfortunately, the likelihood that there will be any significant increase in inventory is slim,” said Matthew Gardner, chief economist for Windermere Real Estate. “As a result, I believe prices will continue to rise, which is good news for sellers, but raises concerns about affordability.”
Thurston County housing data for December 2020 versus 2019
Single-family residences
▪ Number of sales rose 19.85 percent to 471 units from 393 units.
▪ Median price rose 17.65 percent to $400,000 from $340,000.
▪ Pending sales fell 3.9 percent to 344 units from 358 units.
Condos
▪ Sales rose to 10 units from 9 units.
▪ Median price rose 13.9 percent to $215,250 from $189,000.
▪ Pending sales rose to 17 units from 16 units.
Source: Northwest MLS.
