Thurston Country Market Conditions with Don Manzer
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of January 2020. If you would like real estate advice or help, then give Don a call. He continues to be ready to help any of the readership, or their friends, with their real estate needs.
What a year! Glad to see it in the rear view mirror. Along with covid stressing everyone, the market too has been under great stress. We started last year with only 272 homes for sale in the county and ended with 140. Five years ago, when we still thought inventory was scarce, we had about 1000 homes for sale. Our current months of inventory measure is 0.3 months (9 days). That is a ridiculous level in that balanced markets occur in the 4 to 6 months of inventory range. During this, the number of buyers has remained at a relatively high number. It has been steady, and has trended up over the last 3 years. At year end there were 514 homes pending.
At a Glance
Average Months of Inventory
Average 30YR Fixed Mortgage Rate
Available Home Inventory
Of course with these conditions prices have gone up. We started last year with a median price of the inventory at about $441k. Unfortunately, it is now difficult to determine a meaningful median inventory price because of the very low numbers of homes, and the frothiness in the market. $520k might be a reasonable guess of the median price which would be up 18% for the year.
The only good news for buyers is the interest rates. They have stayed at quite low levels, and now average 2.66% for a 30 year fixed mortgage. What a tough year it has been for buyers. They typically have bid on several homes before they have ended up being the successful buyer. They have usually had to pay more than list prices too.
Time to take a deep breath for a day or two, enjoy the calm, and the holidays. The madness will be starting again soon enough. If you would like any real estate advice then give Don a call.