The median price of a Thurston County home is now $430,000
The Thurston County residential real estate market rolled into April with little inventory, strong demand and soaring prices, according to Northwest Multiple Listing Service data.
And demand was particularly strong, with sales of single-family homes rising 46 percent from the same period a year ago, the data show. That kind of demand, combined with inventory that was 40 percent lower than in April 2020, means the median price keeps rising: It was up nearly 20 percent last month from the same period in 2020.
Inventory of Thurston County homes on the market remained at less than one month. A real estate market with a healthy balance between buyer and seller is thought to four to six months’ of inventory on the market. The current market favors the seller, as it has for years now.
“What is happening is there is a terrible crunch of inventory,” said Steve Garrett, owner and designated broker of Windermere Olympia. The market has produced “tremendous competition” for homes, with multiple offers common, particularly for a home priced between $375,000 and $450,000, he said.
“I wish I could put a different spin on it, but sellers are in the driver’s seat,” Garrett said.
What’s driving the buyer demand in the county? For one, the expense of homes in the region. If a median price of $430,000 sounds expensive, consider this: In April, the median price of a King County single-family home was $830,000, a Snohomish County home was $675,000, and in Pierce County, it’s now $500,000.
Garrett, citing Windermere data, said the average Thurston County home is on the market for just 15 days. That means a home listed for sale is under contract and the listing has been removed in that time, he said.
An ultra-competitive market here means some potential buyers are looking elsewhere. Home sales and median prices in Grays Harbor, Mason and Lewis counties continue to rise sharply, the Northwest MLS data show.
In Lewis County, sales rose 57 percent and median price increased 22 percent in the year-over-year April period.
Van Dorm Realty managing broker Steve Pust was on his way to Grays Harbor County to show a home in Montesano when he spoke to The Olympian last week. He also recently sold a property in Elma that had received multiple offers.
“It’s a very tough market for even the best qualified buyers,” he said.
If there is a silver lining in the April home sales data, it was this: New listings for April rose to 578 units, compared to 396 new listings in April 2020.
“Anything we can do to improve inventory is going to help,” Garrett said.
The Thurston County real estate market by the numbers
▪ Single-family residence sales rose 46 percent to 458 units last month from 313 units in April 2020.
▪ Single-family median price rose 19.8 percent to $430,050 in April from $359,000 in April 2020.
▪ Single-family home pending sales rose 21 percent to 508 units from 419 units over the same period.
▪ Condo sales fell to 10 units from 14 units over the same period.
▪ Condo median price fell to $217,500 from $227,450 over the same period.
▪ Condo pending sales rose to 20 units from 17 units.
Source: Northwest MLS.
