The South Sound real estate market cooled in August as sales of single-family residences in Pierce and Thurston counties failed to rise by a double-digit margin for the first time since February.
But let’s not get greedy, because sales still rose more than 7 percent in both counties from the same period a year ago, according to data released Thursday by the Northwest Multiple Listing Service.
Median prices, too, continued to rise in both counties last month, as did the number of pending sales, the data show.
“August continued a very busy spring/summer market,” said Ken Anderson, president and owner of Coldwell Banker Evergreen Olympic Realty of Olympia, in an email.
August also brought some relief to prospective buyers, perhaps scrambling to find a house before it’s too late, in the form of more single-family residences coming to the market.
The total number of single-family residences for sale in both counties is still down from last year, but new listings in August outpaced those in August of last year.
That means a real estate category called “months of inventory” showed improvement last month.
Months of inventory — the number of months it would take to exhaust the supply of single-family residences for sale on the market — rose to 2.45 months last month in Pierce County from 2.22 months in July, while it rose to 2.84 months in Thurston County from 2.63 months in July, the data show.
Meanwhile, King County’s housing market continued its pace as sales from August 2014 rose 8 percent and median price jumped 14 percent. Good luck finding a place, because months of inventory remained a scant 1.36 months, the data show.
Here’s more on how Pierce and Thurston counties did in August:
▪ Pierce County: Single-family residence sales rose 7.7 percent to 1,267 units from 1,176 units in August of last year. The median price rose 6.3 percent to $255,000 from $239,950, and pending sales rose more than 12 percent. It also was the fifth consecutive month that 1,000 or more single-family residences have sold in the county.
▪ Thurston County: Single-family residence sales rose 8.5 percent to 395 units from 364 units in August 2014. The median price rose more than 4 percent to $250,000 from $239,972 and pending sales jumped more than 17 percent.
Pierce County condo data for August 2015/2014
▪ Sales fell 3 percent to 85 units from 88 units.
▪ Median price rose 12.2 percent to $173,299 from $154,500.
▪ Pending sales fell 7.3 percent to 89 units from 96 units.
▪ Total number of condos for sale fell 19.5 percent to 202 units from 251 units.
▪ Number of condo listings in August fell to 86 units from 111 units.
Thurston County condo data for August 2015/2014
▪ Sales were unchanged at nine units.
▪ Median price rose 46 percent to $148,500 from $101,500.
▪ Pending sales were unchanged at 13 units.
▪ Total number of condos for sale fell 32 percent to 38 units from 56 units.
▪ Number of condo listings in August rose to 13 units from 9 units.
Source: Northwest MLS