Thurston Country Market Conditions with Don Manzer

January 2023

Year 2023 was not dramatically different than the last handful of years, but very different looking back a little farther. Our current median residential sale price is up 44% compared to the one in 2000.
There are not now many of those sales though. The number of closed sales, annualized, is off 44% from the peak in March 2022. Obviously, the dramatic price increases have slowed or stopped, and the total market activity is not near what it used to be.

this month

At a Glance

Average Months of Inventory
0 %
Average 30YR Fixed Mortgage Rate
Available Home Inventory above $450k
We currently have only 339 homes for sale in the county, off 28% from a year ago. The median list price of those for sale is $592k, up 7.7% from a year ago. Since April though it has been flat, ranging between $575k to $609k. The number of pending deals is up 18% year over year. Months of inventory is 1.2 months, the same general range as the last 7 years. Balanced markets tend to occur with 4 to 6 months of inventory so those won’t be happening. The closed sales price, on a 3 month rolling average, is up 4% year over year. Bank owned and short sales are an insignificant part of the market.
What does all this mean? Sellers clearly have more power than the buyers and that will tend to keep pressure on increasing the pricing. The big story though is that there are clearly not enough houses to go around, and nothing happening to change that. The few homes for sale should continue to sell at a lively pace. Buyers will have to work hard, and maybe be a little lucky, to end up with a house they like.
Don Manzer - Market Conditions

If you have interest in participating in this market then please give Don a call. In any case, Happy New Year!

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