The median price of residential properties and condominiums in Thurston County climbed in the final month of the year, amid stronger sales in both housing categories.
The residential market recorded 231 sold listings in December, compared with 214 in December 2023, according to the Northwest Multiple Listing Service’s Monthly Market Update. That marked an increase of 7.94 percent in the period.
At the same time, the median sales price rose to $507,000 from $499,925. That was up 1.41 percent.
The condo market had 12 sold listings in December, compared with 9 in December 2023. That represented an increase of 33.33 percent in the period.
The median price jumped to $309,950 from $274,000 in the same period. That marked a gain of 13.12 percent.
The rise in sales in both housing categories was notable, largely because of low inventory levels in the region. A total of 1.58 months of inventory existed in December, which ranked Thurston County third among the 39 counties in the state of Washington.
Snohomish County ranked first at 1.09 months of inventory, followed by Kitsap County at 1.51 months. King County ranked fourth at 1.63 months with Pierce County rounding out the top five at 1.75 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 less than two months (1.98) to sell every home that is active in the NWMLS inventory.”
There were a total of 359 active residential listings in Thurston County in December, up from 323 in December 2023. Active condo listings measured 25, up from 20 in the same period.
New residential listings came in at 134 in December, compared with 141 in December 2023. At the same time, new condo listings slumped to five from 25.
Pending residential sales weighed in at 209 in December, compared with 223 in December 2023, while pending condo sales sank to six from 18 in the same period.
1 comment on this item Please log in to comment by clicking here
BobJacobs
This article follows the Olympian's poor example regarding housing statistics.
One-month changes are insignificant. Only a longer-term picture gives meaningful information.
And where the numbers of sales is especially small (condos), the monthly changes are especially insignificant.
Basic statistics.
The JOLT could make its reporting more meaningful and set an example for other media if it just abided by basic statistical rules.
Adding more explanatory information would be even better, but let's start with the basics.
Bob Jacobs
Friday, January 17 Report this