Thurston County Market Conditions with Don Manzer: April 2020

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.

Home bound in Thurston County. At least talking about the real estate market is not as troubling as watching the virus news. They are similar though in both having many unknowns.

There were many more buyers than sellers prior to the outbreak, and I believe that is still the case. The few homes that do get listed in these times still seem to fly off the shelf. It is not yet possible to detect any changes in demand or pricing because of the virus. There is less day to day activity in the market though because showing houses is quite difficult with new rules to follow. Most in the community though have, and will be impacted financially. Some will lose/ have their jobs diminished. Others have seen their net worth reduced dramatically because of the stock market. These financial changes will have to impact pricing in the market. In that we started in a grossly unbalanced market in favor of the sellers, the net of the impacts is not yet possible to predict.

Thurston County, April 2020, Months of inventory

Inventory has gone up during the month, a seasonal trend. Year over year it is off 32%, with only 318 homes for sale in the county. The average days on market is 63, down from 74 a year ago. The median price of the inventory is $450,000, up 8.4% year over year. Months of inventory has climbed slightly to now 0.9 months, again a seasonal trend. Balanced markets tend to occur in the 4 to 6 months range. On paper it is still clearly a raging seller’s market.

Thurston County, April 2020, Supply/Demand

The Last 12 Months at a Glance

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Homes
Available Home Inventory
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Months
Average Months of Inventory
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%
Average 30 Year Fixed Mortgage Rate

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It is still possible to do real estate business, just more difficult. If you would like any real estate advice then give Don a call. He has plenty time to talk as he has just about run out of projects to do at home. The good news is the yard and grounds are looking nice, and there is time to enjoy seeing the plants come back to life. We all look forward to getting our life’s closer to a back to normal basis. Better times have to be ahead.

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