Real Estate News

South Sound home sales cool from May

The South Sound housing market cooled to warm from hot in June, according to Northwest Multiple Listing Service data released Wednesday.

That’s because more single-family residences came to the market last month in Pierce and Thurston counties, likely giving prospective buyers in a seller’s market a bit more time to find a house.

Sellers, likely encouraged by the state of the market, added 1,900 listings last month in Pierce County, compared with about 1,600 a year ago, while Thurston County picked up 687 new listings versus 545 a year ago, the data show.

J. Lennox Scott, chairman and CEO of John L. Scott, said in a statement there was a “short breath of fresh air for home buyers” in June, bringing some “welcome relief to the backlog of buyers who have been waiting to purchase a home.”

Months of inventory — an estimate of how long the supply of single-family residences for sale would be exhausted at the current pace of sales — inched higher in both counties. Months of inventory in Thurston County, for example, crept back over two months again.

All of this meant that sales activity wasn’t quite as frenzied last month as it was in May.

Sales of single-family residences in Thurston County in May shot higher by 32 percent, but in June they rose only by 5 percent, the data show. In Pierce County, sales rose 13 percent in May, but rose only 10 percent in June.

Median price, though, kept up its steady gains, rising 10.6 percent in Pierce County and 7.2 percent in Thurston County, the data show.

King County, meanwhile, continues to be hampered by a lack of inventory — sales were flat in June — but look what it will do to median price: Median price jumped nearly 15 percent to $573,522 last month from $500,000 in June 2015.

A closer look at the South Sound data for June 2016/2015:

▪ Pierce County: Sales rose 10.6 percent to 1,487 units from 1,345 units. Median price rose 10.6 percent to $284,200 from $257,000. Pending sales rose 9.5 percent to 1,927 units from 1,759 units.

▪ Thurston County: Sales rose 5.5 percent to 480 units from 455 units. Median price rose 7.2 percent to $268,000 from $249,950. Pending sales rose 14.8 percent to 611 units from 532 units.

By the numbers

Pierce County condo data for June 2016/2015:

▪ Sales rose 18 percent to 71 units from 60 units.

▪ Median price rose 17 percent to $190,500 from $162,500.

▪ Pending sales rose to 128 units from 108 units.

▪ Total number of condos for sale fell 13 percent to 164 units from 189 units.

▪ New condo listings in June rose to 109 units from 94 units.

Thurston County condo data for June 2016/2015:

▪ Sales were unchanged at eight units.

▪ Median price rose to $209,450 from $135,500.

▪ Pending sales fell to 10 units from 16 units.

▪ Total number of condos rose to 39 units from 37 units.

▪ New condo listings rose to 21 units from 14 units.

Source: Northwest Multiple Listing Service