The South Sound housing market roared all summer and now fall is shaping up to be pretty good, too, according to Northwest Multiple Listing Service data released Thursday.
That’s because the data showed a surprisingly strong October, particularly in Thurston County where sales of single-family residences shot up 36 percent from the same month a year ago.
Sales results weren’t that strong in Pierce County last month — sales rose nearly 6 percent in the past year — but the county still sold more than 1,100 single-family residences.
One-thousand or more single-family residences have sold every month in Pierce County since April, the data show.
Although Pierce County didn’t experience a double-digit increase in sales, the picture was brighter for median price, which rose 10.5 percent in the past year. In Thurston County, the median price rose 8.3 percent over the same period, the data show.
Bottom line: It remains a seller’s market.
“It’s a very good time to sell,” said Ken Anderson, managing broker and owner of Coldwell Banker Evergreen Olympic Realty, in a statement. “Owners who are eager to make the next move don’t have to wait six months or until spring to act.”
But prospective buyers, it appears, will still be forced to act quickly because inventory levels also remain low.
Pierce County months of inventory — the number of months it would take to exhaust the current supply of single-family residences for sale — was 2.44 months in October. In Thurston County, it was 2.55 months, the data show.
Six months of inventory is considered a balanced market for buyers and sellers.
In King County, meanwhile, months of inventory was 1.33 months and the median price, $480,000, up 7.3 percent in the past year, the data show.
A closer look at the South Sound single-family residence data:
▪ Pierce County: Sales rose 5.7 percent to 1,126 units from 1,065 units in October 2014. Median price rose 10.5 percent to $255,250 from $231,000 over the same period. Pending sales rose 15 percent to 1,465 units from 1,275 units.
▪ Thurston County: Sales rose 36 percent to 398 units from 292 units in October 2014. Median price rose 8.3 percent to $249,000 from $229,925. Pending sales rose 3.3 percent to 436 units from 422 units.
Pierce County condo data for October 2015/2014:
▪ Closed sales: Rose 34 percent to 83 units from 62 units.
▪ Median prices: Rose 38.2 percent to $199,000 from $144,000.
▪ Pending sales: Rose to 97 units from 88 units.
▪ Total number of condos for sale: Fell 29 percent to 176 units from 248 units.
▪ New condo listings in October: Fell to 74 units from 82 units.
Thurston County condo data for October 2015/2014:
▪ Closed sales: Fell to eight units from 10 units.
▪ Median prices: Rose 67 percent to $226,750 from $135,750.
▪ Pending sales: Rose to 18 units from 11 units.
▪ Total number of condos for sale: Fell to 26 units from 57 units.
▪ New condo listings in October: Fell to 10 units from 17 units.
Source: Northwest Multiple Listing Service