Median price for a residence in Thurston County inches higher in July

The first full month of the summer home buying season was a mixed bag in Thurston County, as the median price for a residence inched higher while the price of a condominium sank despite a jump in sales.

In the residential market, the median price rose to $545,000 in July from $539,750 in July 2024, according to the Northwest Multiple Listing Service’s Monthly Market Update. That marked an increase of 0.97 percent in the period.

At the same time, the residential market recorded 349 sold listings, up from 334 sold listings. The median price is the midpoint where half the properties sold for more and half sold for less.

The condo market was topsy-turvy by comparison, as the median price dropped to $314,000 in July from $370,000 in July 2024. That marked a decrease of 15.13 percent in the period.

The retreat in the median price came amid a hike in sales to 17 in July from nine in July 2024. That marked a gain of 88.88 percent in the period, which was easily the largest increase in sales for a month this year.

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 2.49 months of inventory existed in July, which ranked Thurston County as the third lowest in the state. That marked the third straight month the inventory level has been above 2.00 months.

“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 (three) months to sell every home that is active in the NWMLS inventory.”

Active residential listings were up for the third consecutive month, with the number leaping 48.29 percent to 872 in July from 588 in July 2024. At the same time, active condo listings climbed 21.21 percent to 40 from 33.

New residential listings increased 26.17 percent to 511 in July from 405 in July 2024, while new condo listings rose to 18 from 14 in the same period.

Pending residential sales weighed in at 415 in July, up from 372 in July 2024, while pending condo sales slipped to 13 from 15.