Thurston County Market Conditions with Don Manzer: December 2017
The big story of the marketplace is the incredibly low inventory and record prices. The average median price has never been this high in our county. It is now $372,500, up 17.3% year over year. The inventory of homes for sale touched this level this last winter, but prior to that it had not for at least a decade. Inventory is down 34% year over year to now only 553 homes for sale. Months of inventory is also an all time low since the editor started keeping records. We have only 1.1 months of inventory. Knowing that balanced markets tend to occur in the 4 to 6 months range, 1.1 months of inventory is stunning.
Some other statistics of the marketplace are 98 average days on market (many the homes left in the inventory are ones that have languished on the market), and only 650 current pending deals. The number is pending deals is actually down 20% from a year ago, but that is probably due to merely the low inventory. New homes account for 25% of the current available inventory in the mls.
The discrepancy in the market by price range is still there, but the differences are being minimized. Again, overall the months of inventory is 1.1 months. However, for homes priced above $450k it is 3.0 months and for home priced below that it is only 0.8 months of inventory. That is a seller’s market in both price ranges, but a much more wild ride in the lower price range.
The Last 12 Months at a Glance
Contact Don Manzer
It still looks to be a reasonable time to be a player in the real estate market, especially for sellers. For buyers interest rates are down to very low levels, still currently averaging 3.9% for a 30 year fixed. There is also plenty of optimism in the marketplace. If you would like real estate advice, or help, then give me a call. I continue to be ready to help any of the readership, or friends, with their real estate needs. Have a great December. ”