Thurston County Market Conditions with Don Manzer: February 2019
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of February 2019. 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.
As is typical this time of year, prices are moving up along with the inventory. January though is usually a slow time of the year, and that is again the case. There are still substantially more buyers than sellers out there.
We currently have only 490 homes for sale in the county which is up 6% from last year. 29% of them are new construction. The median price is up 5.3% on a year over year basis to now $395,000. Average days on market is only 89 days. The months of inventory is near all time low of only 1.2 months. Balanced markets tend to occur with 4 to 6 months of inventory. We clearly have a seller’s market underway. The number of deals is off 12% from a year ago to currently 490 deals. That decline is likely due to merely the lack to homes available for sale.
Sellers, it is clearly a good time for you due to the very low inventory. Buyers, interest rates have recently fallen and are still at attractive levels. They are now averaging 4.45% for a 30 year fixed. Overall there continues to much optimism in the marketplace.