Thurston County housing market continues to sizzle

June 05–The Thurston County housing market in May continued to do what it has done for months, showing significant gains in sales and median price, according to Northwest Multiple Listing Service data released Tuesday.

Although single-family home sales dipped compared to May 2017, last month’s closed sales still represented the second highest May on record, said Ken Anderson, president and owner of Coldwell Banker Evergreen Olympic Realty in Olympia.

Northwest MLS also noted in a news release that the slight drop in closed sales in Thurston County and elsewhere in Puget Sound is “likely a consequence of persistent inventory shortages.”

The single-family home median price rose nearly 8 percent in Thurston County in May, keeping the median price above $300,000 for the third consecutive month, the data show.

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Thurston, like much of Puget Sound, has been entrenched in a sellers’ market, which has made life difficult for prospective buyers. However, buyers received some relief in May as new single-family listings rose 7.5 percent to 763 units last month, compared to 710 units in May 2017.

Still, despite the increase in listings, months of inventory rose to just 1.35 months in May from 1.17 months in April, the data show. A healthy balance between buyers and sellers is thought to have four to six months of inventory.

Meanwhile, King County’s market continued to roar, with little inventory and plenty of demand, which sent the single-family home median price higher, to $726,275, up 14.6 percent. And that has had an effect on Thurston County’s housing market.

“The high prices in the counties to the north seem to have more buyers from Pierce and King county moving this direction looking for price relief,” Anderson said. “We have seen a significant increase in those buyers on our listings.”

A closer look at the single-family home data for May 2018, compared to May 2017:

— Thurston: Sales fell 2.7 percent to 471 units from 484 units. Median price rose 7.8 percent to $310,000 from $287,450.

— Pierce: Sales dipped 1.7 percent to 1,450 units from 1,475 units. Median price rose 14.9 percent to $355,000 from $309,000.

A closer look at the Thurston County condo data for May 2018, compared to May 2017:

— Sales were unchanged at 13 units.

— Median price fell 5 percent to $199,500 from $209,950.

— Pending sales rose to 20 units from 14 units.

— Total number of condos for sale rose to 48 units from 28 units.

— New listings rose to 44 units from 18 units.

This article provided by NewsEdge.