Thurston County residential sales climb in November

The Thurston County housing market was a mixed bag last month, as residential sales perked up while fewer condominiums exchanged hands in the period.

The residential market recorded 241 sold listings in November, compared with 215 in November 2023, according to the Northwest Multiple Listing Service’s Monthly Market Update. That marked an increase of 12.09 percent.

At the same time, the median sales price eased to $525,000 from $529,900. That represented a decrease of 0.75 percent.

The condo market was depressed by comparison, as sold listings plunged to 11 in November from 22 in November 2023. That marked a drop of 50 percent. 

At the same time, the median sales price slumped to $335,000 from $366,950. That represented a decrease of 8.70 percent.

The housing market is also a bit out of whack, at least on the inventory side of things. A total of 1.99 months of inventory existed in November, which ranked Thurston County fourth lowest among the 39 counties in the state of Washington.

Snohomish County ranked first at 1.37 months of inventory, followed by Kitsap County at 1.72 months and King County at 1.91 months. Pierce County rounded out the top five at 2.10 months.

“A balanced market is considered to be 4 to 6 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 and half months (2.31) to sell every home that is active in the NWMLS inventory.”

There were a total of 470 active residential listings in Thurston County last month, up from 422 in November 2023. Active condo listings measured 32, up from 23 in the same period.

New residential listings came in at 200 in November, an increase from 190 in November 2023. At the same time, new condo listings fell to 12 from 18.

Pendings residential sales measured 259 in November, compared with 224 in November 2023, while pending condo sales fell to seven from 13 in the same period.