Thurston County Market Conditions with Don Manzer: January 2018
We never know what is in store for us in the new year, but the last year was quite amazing. The median price of the inventory was up 16.3% for the year. The actual all time high price was just after Thanksgiving at $375,000. In any case, what a run!
Inventory is down 32% from a year ago to now only 495 homes for sale in the county. That is the lowest inventory since 2006. Average days on market is only 104 days. The months of inventory measure is a remarkable low of 1.0 months. That is an absolute seller’s market. One year ago it was 1.7 months of inventory. Balanced markets tend to occur in the 4 to 6 months of inventory levels. Inventories are so low that they are clearly affecting the number of pending deals. There are just not enough homes for the number of buyers.
We still have a discrepancy by price range though. For homes price below $450k there is 0.8 months of inventory. For homes priced above that there is 2.6 months of inventory. Both measures though show a very scarce inventory.
The Last 12 Months at a Glance
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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 just under 4% for a 30 year fixed. There is also plenty of optimism in the marketplace. Let’s have a great 2018.”