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Thurston Country Market Conditions with Don Manzer

January 2023

This last year saw covid move more to the back of peoples’ concerns, but it brought us lots of turmoil in the economy and marketplaces. The real estate market experienced a good share of that turmoil During much of 2022 buyers were desperately bidding and competing for houses. Appraisal and inspection contingencies were many times waived, multiple offers were showing up in the first few days on the market, and prices were going for premiums over the list prices. That world has now calmed down quite a bit. Those contingencies are now not waived.
Negotiation tends to occur now to reach a sales price that is now typically a little less than the listing price. Interest rates went from the low 3’s to now 6.5% for a 30 year fixed mortgage. Lots of dramatic changes in 2022! It turns out that it is still a seller’s market though, very scarce inventory. Over the last few months the buyers and sellers have disappeared from the market at about the same rate.

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At a Glance

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Average Months of Inventory
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Average 30YR Fixed Mortgage Rate
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Available Home Inventory
We now have a mere 469 homes for sale in the county. The peak for the year was only 707. The number of pending deals is now 205, off 51% year over year. The most telling statistic though is the months of inventory ratio. There are only1.3 months of inventory (balanced markets occur int the 4 to 6 months range). For the segment of the market priced below $450k there are only 0.8 months of inventory. Average days on market for the current inventory is 76 days, and the median price of that inventory is now the same as May 2022. For all residential sales, including multifamily, the median price on a 3 month rolling average basis is now $471,625. That is up only 0.4% year over year.
It has been quite the ride this year. Buyers now have to adjust to less buying power due to those higher interest rates. Sellers and buyers now though can enjoy the transactions occurring in a more normal fashion, less frantic. Even though it is a sellers’ market, the sellers won’t be getting those incredible offers, at least for now. Buyers will be able to be more thoughtful.
Don Manzer - Market Conditions

Have a good 2023 year. If you have interest in being in this market then give Don a call.

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