Even a pandemic can't shake loose Thurston County's entrenched sellers' market for housing.
For yet another month, a combination of extremely low inventory and robust demand pushed Thurston County's median home price higher, according to data released Monday by the Northwest Multiple Listing Service.
Median price rose about 8 percent last month from the same period a year ago, making life great for sellers and a continuing challenge for buyers.
"There are multiple offers on almost everything," said Steve Pust, managing broker at Van Dorm Realty in Olympia.
Even the most qualified buyers by traditional lending standards are losing out if they can't put down 20 percent or come up with the cash, he said.
All of this is a function of inventory. The inventory of single-family homes in Thurston County was still below one month in June, meaning that's how long it would take to exhaust the supply at the current pace of sales with no new listings. A housing market that doesn't favor buyers or sellers is thought to have 4-6 months of inventory.
The pandemic and slower economy has had an effect on sales, however. Sales fell nearly 24 percent last month from the same period last year, the data show. Despite that drop, more than 420 homes still changed hands in June.
Buyers are coming from places such as Seattle and Tacoma where the median price is even higher, then they pay cash here, Pust said. The median price of a single-family home in the Seattle area was $725,000 in June, the data show.
As median price continues to climb higher, the bottom of the market shifts higher, too, Pust said.
Previously the most affordable homes were found in the $250,000 to $300,000 range. Now, the new low is around $350,000, he said.
More sellers coming to market might help lift inventory levels, Pust said, but then they face the same dilemma: Where do they find their next home?
Single-family home data for June
-- Sales fell 23.7 percent to 422 units in June from 553 units in June 2019.
-- Median price rose 7.9 percent to $371,305 from $344,000 in June 2019.
-- Pending sales fell 5.3 percent to 640 units from 676 units.
Condo sales data for June
-- Sales fell to 12 units in June from 15 units in June 2019.
-- Median price rose 4.7 percent to $212,500 from $203,000.
-- Pending sales fell to 16 units from 21 units.
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