Thurston County Market Conditions with Don Manzer: February 2020

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

The madness continues. Our market is in unchartered territory and so severe that it could cause some changes to our society. The inventory of homes for sale in the county is at a ridulously, all time, off the charts low level. In the entire county there are only 239 homes for sale in the mls. 5 years ago, in a fairly reasonable market, there were 1018 for sale. Of the mere 239 homes for sale, 53 of them are new ones with some still under construction. 124 homes are priced under $450k and 117 are priced over that. Of course this scarce inventory will continue to drive up the home prices. This situation should force more people to be looking for apartments to live in, sharing lving spaces, etc. Sadly, I do not see anything on the horizon that is likely to change this situation. Seasonal trends will put more homes on the market, but it also puts more buyers in the marketplace.

Last year at this time we had 490 homes for sale. The median price ot the inventory is up 12.6% year over year. The overall level of sales seemed to have peaked in 2017 but we are still close to that high level. The number of pending sales is now 496, essentially the same level as a year ago. Months of inventory continues to be at an all time low of 0.6 months. In days that would be 18 days. Balanced markets occur with 4 to 6 months of inventory.

Sellers, the conditions  have never been this good for you, enjoy.  Buyers are facing a different story.  They will have to work harder than usual, and will likely have to endure some frustration.  They should find agent’s help to be more essential.  Some good news for buyers is that interest rates are still very low historically.

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 Year Mortgage Rate

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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. Have a great February.”

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