Thurston County housing market bucks regional trend again as home sales rise 15 percent
For the second month in a row, year-over-year single-family home sales fell or were flat in King, Pierce and Snohomish counties, while Thurston County sales continued to rise.
Sales here rose by double-digits in November from the same month a year ago, according to new data released Monday by Northwest Multiple Listing Service.
Although sales rose, the county’s streak of 600 or more homes changing hands was snapped, falling to 540 units last month. Still, that was 15 percent higher than the number of single-family homes that sold in November 2020.
“The return to these suburban areas seems to continue unabated as first-time buyers seek value and those seeking a more relaxed lifestyle are taking advantage of low interest rates,” said James Young, director of the Washington Center for Real Estate Research at the University of Washington, in a statement.
Strong demand, though, means that the county’s housing market continues to favor sellers over buyers, although the median price was only slightly higher than it was last month: November’s median home price was $474,975, up just $225 from $474,750 in October. However, it was 22 percent higher than the median price in November 2020, which was $389,000.
Inventory here remained below one month, despite new listings in November outpacing last November’s. A market that doesn’t favor either sellers or buyers has four to six months of inventory, a level not seen here since the tail end of the Great Recession.
How has demand for housing been met? Developers have largely shifted to building apartments throughout the county, although one large single-family development in Tumwater is under way: Tickner Farm was first proposed almost a year ago on property next to Black Hills High School. National home builder D.R. Horton has submitted a preliminary plat application and preliminary planned unit development on that property at 7747 Littlerock Road SW, according to city of Tumwater information.
Thurston County housing market in November
▪ Single-family home sales rose 15 percent to 540 units in November 2021 from 469 units in November 2020.
▪ Median price rose 22.1 percent to $474,975 from $389,000 over the same period.
▪ Pending sales rose 21.6 percent to 495 units from 407 units over the same period.
▪ Condo sales were unchanged at 17 units over the same period.
▪ Condo median price rose to $297,000 from $205,000 over the same period.
▪ Condo pending sales fell to 13 units from 18 units over the same period.
Source: Northwest MLS
This story was originally published December 7, 2021 at 5:15 AM.
