fbpx

Thurston Country Market Conditions with Don Manzer

December 2024

It was another somewhat uneventful month in Thurston County’s real estate market. Calm can be a good thing. The excitement in the world was left for the political arena. All of the trends in the market were consistent with typical seasonal trends.
Inventory of single family homes is up 6% year over year, but still with only 459 homes. At the same time, the number of pending deals is up 4.5%, and the solds in the last 6 months is up 1.6%. Average market time has been slowing creeping up to now 73 days until a pending status. The median list price is now $610,000, up 4% year over year. The median sold price, on a 3 month rolling average, is up only 0.9% year over year. Short sales and bank owned properties continue to be an insignificant part of the market.

this month

At a Glance

Average Months of Inventory
0
Average 30YR Fixed Mortgage Rate
0 %
Available Home Inventory above $450k
0
It is still absolutely a seller’s market and probably will be for years to come. Supply is well short of demand, and nothing is going on to change that trend. Due to regulations that realistically have no chance of changing significantly, it is incredibly more difficult to create new lots than decades ago. One result is the current months of inventory is down to now 1.5 months. Balanced markets tend to occur in the 4 to 6 months of inventory range.
Good properties still can fly off the shelf, but on average sellers have to now work a little harder to get their homes sold. Most deals now have the traditional provisions in them giving the buyers more typical protection. As a result, the transactions tend to be more thoughtful.
Don Manzer - Market Conditions

If you would like to participate in this world then give Don a call. In any case, enjoy December and the holidays.

Article Updated: