Home sales in Thurston County declined in February after a promising January, but it wasn’t all bad news. More homes were listed for sale last month, according to data released by the Northwest Multiple Listing Service.
Sales reversed last month, according to the data. Single-family home sales rose 8% in January, but fell 5% to 204 units last month from 215 units in February 2023.
That’s not all that surprising, said Alley Sabin, a real estate broker with Van Dome Realty in Olympia who met with The Olympian at his Tumwater Hills home for sale.
A typical home sale takes 30 to 45 days to close, so February deals should start in December, one of the slowest times of the year for real estate sales due to the holidays, he said. said.
Other pressures: Mortgage rates and median prices.
The average interest rate on a 30-year mortgage is no longer as high as 8% as it was in the fall, but is still high at 6.88%, according to Freddie Mac, the Federal Home Loan Mortgage Corporation, which tracks interest rates.
“Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market,” Sam Cater, chief economist at Freddie Mac, said in a statement.
The median home price in Thurston County last month was just around $500,000, up 2% from the same time last year.
WA has been found to be one of the most affordable states for first-time homebuyers, according to a new report from Agent Advice that looked at household incomes and home values.
What needs to change? Many have long argued that we need to increase the supply of housing to bring some balance to the market. The county has long been stuck in a market that favors sellers over buyers. Things will change if there is 4-6 months worth of inventory on the market.
The county isn’t there yet — inventory is still less than two months old — but new listings have increased from 221 homes in February 2023 to 302 homes last month.
When buying a home, Savin says, don’t immediately become obsessed with a new gas range in the kitchen. She offered some advice on what budget-conscious buyers should consider when considering a home.
Ask how old the roof is and whether it needs replacement or repair, Savin said, adding that the larger the surface area, the higher the cost.
Buyers should also inquire about monthly utility bills and pay attention to how close trees and shrubs are to the home, both of which may require maintenance for future owners, she says.
February data
▪ The number of single-family homes sold last month was 204, down 5.1% from 215 in February 2023.
▪ The median price of a single-family home increased 2.2% to $499,900 from $489,000 over the same period.
▪ The number of single-family homes pending sale decreased by 12.5% from 337 to 295 during the same period.
▪ The number of condominium units sold increased from 10 units to 14 units during the same period.
▪ Median condo prices rose from $302,500 to $401,950 over the same period.
▪ The number of unsold condominium units increased from 8 to 15 during the same period.
Source: Northwest MLS
