Home sales data shows Thurston median home price up 15% over February 2020
The factors that have dominated the Thurston County housing market for years — robust demand and low inventory — played out yet again in February, driving up already-high prices, according to new data released by the Northwest Multiple Listing Service on Thursday.
Even a Valentine’s Day weekend snowstorm appeared to have little impact on the market.
“The data show that the market continues to be hot, with residential inventory very tight and median prices rising by double digits across most of our counties,” said Mike Grady, president and chief executive of Coldwell Banker Bain, in a statement.
In Thurston County, despite inventory being 45 percent lower than February 2020, sales rose 4 percent and median price increased by 15 percent, the data show. That means sellers are still very much in control, while buyers continue to compete over what little is for sale.
Inventory in the county remained below one month, while a balanced market between buyers and sellers is thought to have inventory in the range of four to six months.
The February data also suggests that prospective buyers here have started to look elsewhere in the region; sales of single-family homes in Mason and Grays Harbor counties also rose last month.
In Mason County, sales rose 32 percent, while median price increased 24 percent to $342,000. In Grays Harbor County, sales were up 35 percent and the median price jumped by 35 percent to $285,000.
The median price of a home in Grays Harbor County a year ago was $210,000, the data show.
What effect will higher mortgage interest rates have on the market?
By historical standards, the interest rate on a 30-year mortgage remains very low. However, Northwest MLS noted that the benchmark mortgage rate rose above 3 percent in February for the first time since July 2020.
Thurston County housing data
▪ Sales of single-family homes rose 4.3 percent to 287 units last month from 275 units in February 2020.
▪ Median price rose 15.3 percent to $422,000 from $365,900 over the same period.
▪ Pending sales fell 17 percent to 349 units from 422 units over the same period.
▪ Condo sales rose to 12 units last month from 10 units in February 2020.
▪ Median price was essentially flat, at $216,950 compared to $218,750 in February 2020.
▪ Pending condo sales fell to 11 units from 20 units over the same period.
Source: Northwest MLS.
This story was originally published March 5, 2021 at 5:45 AM.
