Single-family home prices rose and sales eased in Thurston County for the third straight month of 2025, as low inventory levels continued to put a strain on a tight housing market.
The median price for a residence climbed to $550,000 in March from $535,00 in March 2024, according to the Northwest Multiple Listing Service’s Monthly Market Update. That marked an increase of 2.80 percent in the period.
At the same time, the residential market recorded 237 sold listings, compared with 239 sold listings.
Meanwhile, the condominium market posted another uninspiring performance, as sales plunged 43.75 percent to nine in March from 16 in March 2024.
But the condos that did sell last month fetched more money, as the median price advanced 4.30 percent to $365,000 from $349,950 in the same period.
Condo and home sales are being affected to some degree by continued low inventory levels in the region.
A total of 1.90 months of inventory existed in March, which ranked Thurston County as the fifth lowest in the state, the data showed. That marked the first time this year the total has been below 2.00 months.
Snohomish County ranked lowest at 1.39 months of inventory, while Pierce County was second at 1.67 months. Kitsap County and King County both came in at 1.86 months of inventory.
“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 a little more than two months (2.15) to sell every home that is active in the NWMLS.”
However, in a sign the housing market may be perking up, active listings swelled 18.10 percent to 424 in March from 359 in March 2024. At the same time, active condo listings surged 76 percent to 44 from 25.
New residential listings increased to 364 in March from 324 in March 2024, while new condo listings jumped to 29 from 15.
Pending residential sales weighed in at 359 in March, compared with 341 in March 2024. But condo pending condo sales retreated to 12 from 17 in the same period.
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Southsoundguy
Prices should be at least 60% lower.
Saturday, April 12 Report this
DudeInOlympia
For all of the people who own a home, sincerely, congrats, I do not yet but almost can. I would be lying though if I wasn't giddy for a housing crisis/collapse/catastrophe. Peeking at Redfin in the Bigelow neighborhood, a first time home buyer with a conventional loan WITH 20% DOWN on $550k at 6.62% is $3,855/month..... what the hell?!? That same house 4 years ago was $326k, and 20% down at 6.62% would be $1700/month. Shocker our schools are having a hard time with enrollment...
Tuesday, April 15 Report this