Thurston Country Market Conditions with Don Manzer

May 2023

The market is moving the direction of more “normal” but it has a long journey to get there. Taking years to get there is a reasonable guess, but no one knows. The median list price of the inventory popped back up this last month to again essentially at the peaks of the last couple of years.
Inventory is up 34% year over year which sounds substantial. However, that is just 398 homes for sale in the county, with 98 of them being new construction (some probably not yet built).

this month

At a Glance

Average Months of Inventory
Average 30YR Fixed Mortgage Rate
0 %
Available Home Inventory above $450k
The median price of those homes for sale is $599,950, and average days on market is 52 days. Median price of the solds, on a 3 month rolling average, is up 2.6% year over year. The median pending deals are off 4% from last year at now 425 deals.
Overall, it is still clearly a seller’s market, but buyers don’t have to now be quite as frantic as last year. A quite important statistic, months of inventory, has moved up slightly to 1.8 months. That is the highest level since August of 2017, but still not close to a balanced situation. Those balanced markets tend to occur in the 4 to 6 months of inventory range. Mortgage rates have moved up to now 7.17% for the average 30 year, fixed.
Don Manzer - Market Conditions

Our market is certainly calmer than a year ago. Buyers and sellers both now tend to be a little more thoughtful. If you have interest in participating in this marketplace then please give Don a call. Enjoy May.

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