Single-family homes in Pierce and Thurston counties are selling for more than they did before the Great Recession, data from the Northwest Multiple Listing Service show.
Last month, the median Pierce County home sold for $295,000, up 11.3 percent from a year ago, which does not include condominiums, said Kevin Mullin, owner-partner and designated broker of Windermere Professional Partners in Tacoma.
Home prices last peaked here in 2007, when a median-priced home sold for $291,600.
The housing market is continuing to careen upward for Thurston County, where the median-priced home surged 14.4 percent in a year, to $274,500 in March, the data show. In August 2007, the median price peaked at $269,990.
“For the foreseeable future, like this year, I think we can see the same type of growth expected,” Mullin said. “The only thing that’s going to hamper (price) growth is lack of inventory.”
The number of homes for sale dropped in both counties to a little over one month’s supply. A healthy balance between buyers and sellers is usually around four to six months’ worth of inventory.
Mullin said buyers get discouraged when inventories are low. They compete with other buyers and make multiple offers, sometimes on several homes. Then they stop looking. Statewide, home inventory sits at nearly 1.4 months, according to the listing service.
“We are starting to see some of those frustrations now,” he said.
It could be worse. In King and Snohomish counties, the number of homes on the market dipped below one month’s supply. Prices increased in those counties by double digits, with King County’s median home costing $599,950.
Pierce County home, condo and town home median prices already surpassed the pre-recession peak in December.