Thursday, October 1, 2026
An increase in home and condominium sales did not translate to higher prices in Thurston County, as both markets posted price drops with one much larger than the other in February.
The median price of a single-family residence slipped to $515,500 in February from $530,000 in February 2025. That marked a decrease of 2.73 percent, according to the Northwest Multiple Listing Service’s (NWMLS) Monthly Market Update for February 2026.
The median price is the point where half the homes sell for more and half sell for less.
The dropoff in the condo market was more pronounced, as the median price sank to $199,900 in February from $322,000 in February 2025. That marked a decrease of 37.91 percent.
The retreat in prices came amid higher completed transactions in the region. Sold residential listings climbed to 222 in February from 202 in February 2025, while sold condo listings inched up to nine from seven in the same period.
Condo and home sales have been influenced by low inventory levels in the region. While total inventory climbed to 3.4 months in January, it retreated to 2.59 months in February. That ranked the Thurston County market as the fourth lowest in the state.
Kitsap County ranked first with 2.14 months of inventory, followed by Snohomish County at 2.36 months and Island County at 2.43 months. Pierce County rounded out the top five at 2.60 months.
“A balanced market is considered to be (four) to (six) months by most industry experts,” said the Northwest Multiple Listing Service in its Monthly Market Update.
“At the current rate of sales, it would take a little less than three and a half months (3.22) to sell every home that is active in the NWMLS inventory.”
Active residential and condo listings remained strong with 599 in February, up from 427 in February 2025. That marked a gain of 40.28 percent.
New residential listings jumped to 308 in February from 249 in February 2025, while new condo listings eased to 10 from 12 at the same time.
And in a sign that sold residential listings are likely to be higher in the next reporting cycle, pending sales were up 31.37 percent to 335 in February from 255 in February 2025, while condo sales were flat at 15 in the same period.
2 comments on this item Please log in to comment by clicking here
BobJacobs
The condo data fluctuate wildly from month to month because there are so few condos listed/sold. The monthly condo data are meaningless. Statistics 101.
Annual data might be useful.
Bob Jacobs
Tuesday, March 31 Report this
jimlazar
There are million dollar condos along East Bay Drive, and $70,000 condos out on Reservation Road. One million-dollar condo sale can skew the data for a month.
It's unfortunate that there are so few condos available. It's a good way for a young household to get a start in home ownership.
And besides, which would you rather have: your very own riding lawnmower (and an acre of lawn to mow) or a part-interest in a gym, swimming pool, party room, and other amenities?
Wednesday, April 1 Report this