Home sales fall, median price climbs in April

Single-family home prices climbed and sales retreated in the first full month of spring, amid a backdrop of some of the lowest inventory levels in the state.

The median price for a residence in Thurston County increased to $540,000 in April from $512,400 in April 2024, according to the Northwest Multiple Listing Service’s Monthly Market Update. That marked an increase of 5.38 percent in the period.

At the same time, the residential market recorded 266 sold listings, compared with 279 sold listings.

Meanwhile, the condominium market posted a median price of $325,000 in April, compared with $310,500 in April 2024. That marked a gain of 4.66 percent in the period.

And for the first time this year condo sales increased from the same period a year earlier, as 10 deals closed in April. That was up 25 percent from 8 transactions in April 2024.

Condo and home sales have been influenced by continued low inventory levels in the region — something that has carried over from the previous year.

A total of 1.98 months of inventory existed in April, which ranked Thurston County as the fourth lowest in the state, the data showed. That marked the second straight month the inventory level has been below 2.00 months.

Snohomish County ranked lowest at 1.58 months of inventory, followed by Kitsap County at 1.82 months and Pierce County at 1.93 months. King County rounded out the top five at 2.23 months of inventory in April.

“A balanced market is considered to be (four) to (six) months by most industry experts,” the Northwest Multiple Listing Service (NWMLS) said in its Monthly Market Update.

“At the current rate of sales, it would take around two and a half months (2.46) to sell every home that is active in the NWMLS.”

However, in a sign that housing market activity may be perking up, active listings jumped 28.86 percent to 500 in April from 388 in April 2024. At the same time, active condo listings leaped 42.42 percent to 47 from 33.

New residential listings rose to 433 in April from 407 in April 2024, while new condo listings slipped to 21 from 24.

Pending residential sales weighed in at 403 in April, compared with 396 in April 2024. But pending condo sales eased to 16 from 19 in the same period.