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 April 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.
If anything, it is now even wilder than a month ago in the real estate market. There is even less inventory and more pending deals than a month ago.
At a Glance
Average Months of Inventory
Average 30YR Fixed Mortgage Rate
Available Home Inventory
Homes often go on the market late in the week. Sellers then review the offers early the next week, and usually get to accept offers over the list the price. Many offers are cash, some waive the inspections and also take away the risk of a low appraisal. I have heard often of $5K to $50k more than list price on $350-$500k homes. I highest upbid I have heard of is this last month was a property priced a little over $1MM that went for $300k more than the list price. Great times for sellers but getting somewhat ridiculous for buyers.
The actual statistics are currently only 115 homes for sale in the county, off 64% from a year ago. The median price of the inventory is up about 18% from a year ago, now $530,100. This percentage bounces around quit a bit though because the data base is so small. The number of pending deals is up 8.8% from a year ago. Months of inventory is 0.3 months (9 days). Balanced markets happen in the 4 to 6 months range. This clearly is not a balanced condition.
If you would like to participate in any of this madness then give Don a call. Enjoy spring.