Thurston Country Market Conditions with Don Manzer
January 2025
Another year is now in the record books. The last 2 or 3 years have been fairly similar overall. The median residential sales price for the county was up only 1.5%, on a 3 month rolling average basis, to now $512,500.
For the last couple of years, the number of pending deals has been bottoming out at least 50% less than the prior decade. That is significant. List prices, when viewed on a chart, of course bounce around somewhat, but in general look flat since the summer of 2023. The median list price for single family homes in the county is now $600k. The months of inventory statistic has been trending down since summer to now only 1.4 months. Balanced markets occur in the 4 to 6 months range.
this month
At a Glance
Average Months of Inventory
0
Average 30YR Fixed Mortgage Rate
0%
Available Home Inventory above $450k
0
It is inconceivable, baring a financial disaster, that the market would be anything other than a seller’s market for the next several years. Nothing is on the horizon in regulations or markets to make it possible to increase the supply. It is incredibly difficult for developers to create new lots. Usually it takes multiple years, many studies and huge risk. For the most part, only the very large developers/ builders can shoulder that risk.
Some other stats are we currently have 378 homes for sale in the county, up 12% from a year ago. The median list price for single family homes is up 1.3%, year over year, and the number of pending deals is off 2%. Good news is that buyers and sellers have all been dealing more thoughtfully in the recent months. Negotiations tend to occur, and most deals have the “traditional” provisions in them.
If you would like to participate in this slightly calmer market then give Don a call. In any case, a happy New Year to you.
