Single family home prices showed a significant rebound in Pierce, King and Thurston counties last month as the supply of homes on the market continued to shrink.
The median Pierce County home sales price rose by 6.97 percent to $201,000 in October, reported the Northwest Multiple Listing Service. In Thurston County, median prices rose to $220,000 from $212,500, and in King County, median home sales prices hit $370,000, up 15.63 percent from $320,000 a year ago October.
Single-family home sales in Pierce County rose 12.21 percent from October 2011. Thurston County single-family home sales rose 20.75 percent. Condo sales in Pierce County were up 88.89 percent from the same period last year. In Thurston County, condo sales were up 50 percent over same period last year.
Those encouraging October figures followed disappointing price declines in Pierce and Thurston counties in August and a miniscule increase in King County single family home prices that same month.
September figures turned positive again for Pierce and King County single-family home prices while continuing to fall in Thurston County.
Condo prices jumped even more dramatically in the three counties: Pierce condo prices were up 9.11 percent; King County condo sales amounts increased by 24.37 percent and condo sales in Thurston County leaped by 47.69 percent from a median of $104,950 in October 2011 to $155,000 last month.
Real estate experts said a constrained supply of homes and condos on the market were partially behind the price trends.
Total active listings for both single family homes and condos in Pierce County in October this year are down 30.05 percent. In Thurston County, they were off more than 25 percent. In King County, listings declined by 43.65 percent.
Last month’s housing inventory around western Washington fell to its lowest level since February 2006, according to statistics from the 21-county Northwest Multiple Listing Service. The NWMLS report showed year-over-year prices on closed sales area-wide increased by double-digits for the first time since March 2007.
Compared with median prices at the beginning of the year in January, median home sales prices were up in all three counties. In January in Pierce County, the median home sales price was $178,000. Last month it was $201,000. In Thurston County, the median price for homes sold in January was $209,950. In October, it was $220,000. In King County, the median home sales price in October was $370,000 compared with $315,000 in January.