Thurston County Market Conditions with Don Manzer: August 2020

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

It is still an absolute seller’s market out there with incredibly scarce inventory.

Thurston County, August 2020, List Prices

Most homes listed are pending within a few days, with multiple offers, and at, or over, list prices.  This is occurring in the entire range of prices.  Buyers tend to have to endure plenty of frustration and disappointments.  Some good news for buyers is that the average interest rate in the U.S. for a 30 year fixed, conventional mortgage is 2.99%. 

Thurston County, August 2020, Inventory

The inventory of homes for sale is off last year’s mark by 45% with only 314 homes currently for sale in the county.  That is a mere 0.9 months of inventory.  By price range there are 15 days of inventory for homes priced below $450k and 1.9 months for homes priced over that.  Balanced markets tend to occur in the 4 to 6 months of inventory range so these numbers show absolute scarcity.  Average days on market for the inventory is 61 days.  Pending deals are similar to a year ago, just off  by 3.5%.  Of course prices have gone up.  The current median price of the inventory for sale is $455,500, up 7.3% year over year.  There are currently no short sales in the county and only two REO’s. 

Thurston County, August 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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Again it is still possible to do real estate business, just more awkward.  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.  Enjoy August.

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