Thurston County median home price rises 20 percent compared to March 2020
Chances are you have heard this before: Continuing steady demand, combined with low levels of inventory, pushed the median price of a Thurston County home to new heights in March, making life tough on buyers, according to Northwest Multiple Listing Service data.
Or, here’s another way to frame what’s happening in local real estate markets: Bidding wars, escalating prices and severe buyer fatigue, said Northwest MLS Director Meredith Hansen in a statement.
The median price of a single-family home here rose to $425,000 last month, up 19.7 percent from March 2020, the data show. Why? Sales remain strong, outpacing last year’s sales for March, and inventory plunged, down 62 percent from the same time last year.
New listings aren’t keeping pace with listings a year ago either, the data show. In March, 503 homes hit the market, down from 508 homes in March 2020.
Months of inventory in the county remains below one month. A market that doesn’t favor either buyers or sellers is thought to have four to six months’ of inventory.
Although 362 homes sold last month here, only 2 percent more than the same time last year. Based on sales totals in other nearby markets, some buyers may be looking beyond Thurston County.
Sales of single-family residences in Lewis County rose 36 percent last month from March 2020, the data show, and the median price increased over the same period by 27 percent.
The median price of a home in Lewis County is now $348,000, about where the median price of a Thurston County home stood a year ago.
Median prices also shot higher in Grays Harbor County, up 32 percent, and Mason County, up 14 percent last month compared to the same period a year ago.
A closer look at Thurston County housing data
▪ Single-family residence sales rose 2 percent to 362 units last month from 355 units in March 2020.
▪ Median price rose 19.7 percent to $425,000 from $355,000 compared to a year ago.
▪ Pending sales rose 10 percent to 543 units from 493 units over the same period.
▪ Condominium sales fell to 9 units from 13 units in 2020.
▪ Condo median price fell to $199,900 from $215,000.
▪ Condo pending sales rose to 15 units from 14 units.
Source: Northwest MLS.
