Thurston Country Market Conditions with Don Manzer

September 2023

Looking seasonally, there were no unusual changes in the market for the month.
The biggest stories continue to be the incredibly low inventory, far more buyers than sellers, and quite low activity compared to the past decade. Interest rates on a 30 fixed conventional were 7.18% at the end of August, up substantially from the prior years.

this month

At a Glance

Average Months of Inventory
0 %
Average 30YR Fixed Mortgage Rate
Available Home Inventory above $450k
The inventory of homes for sale in the mls is down 23% year over year at now only 498 homes. The median price of those homes for sale is up 4.5% from last year at now $585k. The number of pending deals is off 25% year over year at 387. Prior to last fall, the last time the number of pending deals was this low was in January of 2011. That is quite significant, and many agents are obviously not very busy.
The months of inventory measure is still quite low, and basically unchanged in the last few months. We have only 1.6 months of inventory overall. By price range it is 0.9 months for homes below $450k and 1.8 months for homes priced above that. Those balanced markets, from years ago, tend to occur with 4 to 6 months of inventory. That is still not even foreseeable. The median price of all residential sold, using a 3 month rolling average, is near flat, just up 0.4% from a year ago.
Don Manzer - Market Conditions

It is still a quite good time to be a seller, but a tougher time to be a buyer. If you have interest in participating in this market then please give Don a call. In any case, enjoy September.

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