Real Estate News

South Sound median prices jump in July, but county results vary

A home under construction and for sale is shown in Roswell, Ga. On Tuesday, The CoreLogic HPI Forecast indicates that home prices nationwide will increase by 5.3 percent on a year-over-year basis from June 2016 to June 2017, and on a month-over-month basis home prices are expected to increase 0.6 percent from June 2016 to July 2016.
A home under construction and for sale is shown in Roswell, Ga. On Tuesday, The CoreLogic HPI Forecast indicates that home prices nationwide will increase by 5.3 percent on a year-over-year basis from June 2016 to June 2017, and on a month-over-month basis home prices are expected to increase 0.6 percent from June 2016 to July 2016. Associated Press file, 2015

Despite another jump in South Sound median home prices, sales results were mixed in Pierce and Thurston counties in July, according to Northwest Multiple Listing Service data released Thursday.

The difference in single-family residence sales last month likely can be tied to inventory levels.

In Pierce County, months of inventory — an estimate of how long the supply of single-family residences would be exhausted at the current pace of sales — fell below two months. In Thurston County, months of inventory was higher than two months, likely providing enough supply for a few interested buyers.

Or perhaps a lot more because more than 500 single-family residences sold in Thurston County last month, a monthly sales total not seen since before the Great Recession. Single-family residence sales in Thurston rose nearly 15 percent, while in Pierce County, sales were flat, up less than 1 percent, the year-over-year July data show.

Both counties and sellers received better news on the median price front.

Despite flat sales, the Pierce County single-family median price shot higher by 15 percent, while Thurston’s rose nearly 6 percent, the data show.

Meanwhile, in King County, year-over-year July sales fell again, down 3.34 percent, another sign for Seattle-area buyers that there just isn’t enough product to choose from. Months of inventory in King County last month stood at around one month, the data show. However, the median price of a single-family residence rose 14.4 percent to $555,000.

A closer look at the South Sound single-family residence data for July 2016/2015:

▪ Pierce County: Sales rose 0.57 percent to 1,400 units from 1,392 units. Median price jumped 15.4 percent to $285,000 from $247,000. Pending sales rose 12.1 percent to 1,956 units from 1,745 units.

▪ Thurston County: Sales rose 14.58 percent to 503 units from 439 units. Median price rose 5.8 percent to $269,950 from $254,950. Pending sales rose 22.7 percent to 631 units from 514 units.

By the numbers

Pierce County condo data for July 2016/ 2015:

▪ Sales rose 18 percent to 99 units from 84 units.

▪ Median price rose 6.3 percent to $199,800 from $187,987.

▪ Pending sales rose 18.3 percent to 142 units from 120 units.

▪ Total number of condo listings fell 11 percent to 164 units from 184 units.

▪ New condo listings in July rose to 114 units from 98 units.

Thurston County condo data for July 2016/2015:

▪ Sales rose to 11 units from nine units.

▪ Median price rose to $150,000 from $99,000.

▪ Pending sales rose to 25 units from 14 units.

▪ Total number of condo listings fell to 34 units from 37 units.

▪ New condo listings in July fell to 13 units from 15 units.

Source: Northwest Multiple Listing Service

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