Thurston Country Market Conditions with Don Manzer
The market is currently going through a change, and trying to figure out where it should settle. The trigger seems to be our country’s economy, high inflation, falling stock market, increasing interest rates, etc. Sellers have been moving up their properties for listing sooner rather than later. There are still way more buyers than sellers. Buyers are tempted to try to pause to see where all settles.
Inventory of homes for sale is up 56% for the month at now 362 homes. The percentage increase sounds huge, but the inventory number is still pathetically low. Months of inventory statistic went up to 0.9 months. Those balanced markets we have had in the past occur with 4 to 6 months of inventory so they still seem out of the question.
At a Glance
Average Months of Inventory
Average 30YR Fixed Mortgage Rate
Available Home Inventory
The number of pending deals is down 20% from a year ago. Supply going up and deals going down, not surprising. Median sales price in the county is $472k for a yearly average. That is up 19.5% from the prior year. Median price of the homes for sale is $560k.
So what does all this mean? Of course, no one knows with certainty. I suspect short term some price softening, fewer multiple offer, and longer marketing times. Homes priced $500k and below will be impacted more than the higher priced ones. After the transition occurs I suspect prices will continue up, but the rate should be much less steep. A driving factor is the large inbalance in supply versus demand.
If you would like to participate in any of this then give me a call. Enjoy June.