Thurston County Market Conditions with Don Manzer: August 2018
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of August 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.
It is still a quite lively market in Thurston County, but the buyers aren’t as frantic as they were. Price appreciation has clearly slowed down. Documenting this is that the median price of the inventory has essentially been flat since the start of March. It is currently $390,000. It has been bouncing around between there and just short of $400k. Days on market continues to be at basically an all time low of 62 days. There seem to be plenty of buyers around, but just not a big selection of houses for them to look at. As a result, the number of pending deals is down 15% year over year.
Some other statistics are there are currently 776 houses for sale in the county. That is down 8.5% from a year ago. Average days on market is down 27 days from a year ago. The median price of the inventory is up 15.8% year over year. Months of inventory is still in the seller’s market range at 1.8 months. For homes priced below $450k it is a mere 1.4 months, and for homes priced above that it is 4.2 months of inventory. For homes that are the best in their class there can still often be multiple offers.
The discrepancies by price range are still about the same. Overall the market has 1.7 months of inventory. For homes priced below $450k that statistic is only 1.3 months. For homes priced above that there are 4.4 months of inventory. Balanced markets tend to occur with 4 to 6 months of inventory. Sellers of the higher priced properties will obviously have to be more patient than those of the lower priced ones, but both price ranges still favor the sellers.
It is a still good time to be a seller in this market. For buyers, interest rates have been flat, and are still quite low levels from a historical standpoint. They are now averaging 4.54% for a 30 year fixed.
The Last 12 Months at a Glance
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