After single-family home sales dipped slightly in May, they came roaring back in June to make it one of the strongest months on record in Thurston County, according to Northwest Multiple Listing Service data released Thursday.
How good was it? More than 550 units sold last month, which was the best June on record, and the third highest month ever for the county.
Only August and September 2017 were stronger, said Ken Anderson, president and owner of Coldwell Banker Evergreen Olympic Realty in Olympia.
"There is strong demand, which is coming from two places: pent-up demand from local buyers, and people relocating from the expensive markets to the north," Anderson said.
Premium content for only $0.99
For the most comprehensive local coverage, subscribe today.
And those markets north of Thurston County continue to get more expensive.
Single-family median price last month — compared to the same period a year ago — jumped 9 percent in King County, 13 percent in Snohomish County and 10 percent in Pierce County. The median price of a King County single-family home in June was $715,000.
But increased demand here, combined with low inventory, means local prices have shot higher, too, up 13 percent last month from June 2017. That's great for sellers, but increasingly tough on buyers.
New listings for the year are on pace for the fourth highest on record in Thurston County, Anderson said. Despite that growth in listings, they hit a bump in the road last month and fell 9 percent to 632 units from 697 units in June 2017, Northwest MLS data show.
"We watch those numbers closely because any drop off in new listings will mean a more intense seller’s market," Anderson said. "With an absorption rate (months of inventory) at just 1.2 months, we are already far below a balanced market. Everyone is hoping for more homes coming to market over the summer."
A balanced market between buyers and sellers is four to six months of inventory.
Thurston County single-family home data
- Sales rose 2.2 percent to 556 units from 544 units;
- Median price jumped 13 percent to $325,000 from $287,500;
- Pending sales fell 2.5 percent to 667 units from 684 units.
Thurston County condo data
- Sales rose to 18 units from eight units.
- Median price fell 21 percent to $189,750 from $240,000.
- Pending sales fell to 16 units from 18 units.
- New listings rose to seven units from five units.