Real Estate News

South Sound housing market wraps up summer on positive note

The South Sound housing market wrapped up summer on a positive note in September as the number of home sales and median prices continued on an upward trend in Pierce and Thurston counties.

But this time the Thurston County housing market stood out in September, while the housing gains in Pierce County have taken on a steady quality, according to data released late Monday by the Northwest Multiple Listing Service.

In Pierce County, another 1,000 units were sold last month — 1,000 or more homes have sold in the county every month since May — which was 10 percent more than the same period last year, and median prices bumped up 2.3 percent to $225,000 from $220,000 in September 2013, the combined single-family residence and condo data show.

In Thurston County, though, sales shot up 25 percent last month to 354 units from 282 units in the same period a year ago. Median prices also rose 2.3 percent in the year-over-year period to $233,700 from $228,497, the combined data show.

Meanwhile, home sales once again fell in King County, down 4 percent last month because of lack of inventory. The county had 2.27 month’s of inventory in September, the combined data show. Not helping matters for King County is that the total number of homes for sale fell nearly 3 percent from last year.

Lack of inventory also was a challenge in South Sound last month: Pierce County had 3.67 months of inventory, which eased a bit from August, while Thurston had 3.76 months of inventory, which tightened a bit from August.

And more homes aren’t necessarily coming to market in both counties in great volumes: The total number of homes for sale rose 5 percent in Pierce County from last year, but less than 1 percent in Thurston County.