Thurston County Market Conditions with Don Manzer: December 2018
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of December 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.
Market activity has been slowing consistent with seasonal trends. The number of pending deals in the county has continued its decline to now only 530 deals. That is off last year by 23%, and is the lowest number of deals since January 2015. However, pricing and months of inventory metrics still look quite strong. The median price of the inventory is $395,200 which is a 6.1% year over year increase. It has essentially been at that level since March of this year. Months of inventory is 1.4, slightly higher than last year, but still in the level of an absolute seller’s market (balanced markets tend to occur in the 4 to 6 months of inventory range). The result of all these metrics mixed together is that buyers don’t usually have to be as frantic as they were earlier in the year.
Some other statistics of the county market are that the number of homes for sale is 669, up 21% from a year ago. Average days on market has been climbing a little to now 84 days. Short sales and bank owned properties are currently an insignificant part of the marketplace. Months of inventory for home priced below $450k is only 1.1 months. For home priced above that it is 3.2 months. Both price ranges are in a seller’s market condition. The lower segment of the market is obviously a more dramatic seller’s market.
It is still a good time to be a seller in this market. For buyers, interest rates have recently fallen slightly. They are now averaging 4.81% for a 30 year fixed.