Thurston County home sales buck trend as regional sales slow
Thurston County home sales continued their upward trajectory in October, bucking a slowing trend seen elsewhere in the region, according to new Northwest Multiple Listing Service data released Thursday.
Sales of single-family homes fell last month in King, Kitsap and Snohomish counties from October 2020, while they were flat in Pierce County over the same period.
But in Thurston County October was the fourth straight month that 600 homes sold, an increase of 14 percent from the same period a year ago.
Coldwell Baker Bain executive vice president of operations John Deely attributed some of the cooling regionally to people waiting to see if they will still be allowed to work from home because of COVID-19.
“While changing policies are creating indecisiveness for some buyers, others are pursuing secondary home markets (Thurston County), choosing quality of life over the need to be near an urban core, betting that the ‘work from home’ option is here to stay,” Deely said.
Every other housing sales indicator continues to describe the Thurston County market as one that favors sellers over buyers.
Median price shot higher by 20 percent to $474,750, inventory remained below one month, and although new listings continue to outpace last year’s total, it has had little effect on the market.
A market that doesn’t favor either sellers or buyers is thought to have four to six months of inventory. Inventory here hasn’t been at that level in years.
Thurston County home sales data
▪ Sales of single-family homes rose 14.6 percent to 598 units from 522 units in October 2020.
▪ Median price increased 20.2 percent to $474,750 from $395,000 a year ago.
▪ Pending sales rose 17.7 percent to 646 units from 549 units over the same period.
▪ Condo sales rose to 13 units from nine units last year.
▪ Condo median price rose 20.8 percent to $290,000 from $240,000 over the same period.
▪ Condo pending sales increased to 17 units from 14 units over the same period.
Source: Northwest MLS.
This story was originally published November 5, 2021 at 5:30 AM.
