Thurston County Market Conditions with Don Manzer: April 2018

We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of April 2018.  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.

Incredibly low inventory, and rising prices are still the story of the market.  Inventory levels are ridiculously low at only 454 homes for sale in the county, down 18% from a year ago.  That number is dramatically lower than any time since at least 2001, when the editor started keeping the stats.  Prices are the same story, at all time highs.  The median price of the inventory is up 12.5% year over year to now $395,000.  For a little perspective, the median price was $275,000 in early 2009.  Those are both some serious changes.

Residential List Prices in Thurston County in April 2018

Some other statistics from the marketplace are 83 average days on market, and 1.2 months of inventory.  For homes priced below $450k the number is 0.9 months.  For home priced above $450k there are 3.5 months of inventory.  In both cases, months of inventory documents that it is still a seller’s market.  It is a raging seller’s market in the first category.  The number of deals, pendings, is off 18% from a year ago to now 705 deals in the county.  No doubt that the lack of inventory is limiting the number of deals.  There are plenty of frustrated buyers out in the marketplace.

Even though interest rates are moving up, they are still quite low levels from a historical standpoint.  They are now averaging 4.4% for a 30 year fixed.

The Last 12 Months at a Glance

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Median Home Price in the last year
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Available Home Inventory
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Months of Inventory (Homes above 450k)
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Months of Inventory (Homes below 450k)
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Average 30 Year Fixed Year Mortgage Rate

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It is a still great time to be a seller in this market. Buyers though are likely in for some frustration. 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. Let’s have a great April. “