Thurston County Market Conditions with Don Manzer: January 2019
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of January 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.
Here we go off to another year. Perhaps it will be as interesting as the past one. We ended the year with the median price of the inventory up 6.6% at $389,000. It was off the peak earlier in the year of $399,900. It was a seller’s market all year long. We started the year with 1.0 months of inventory and ended it at 1.2 months of inventory. Balanced markets fall within the 4 to 6 months range, so the market is clearly far from balanced.
Our inventory is now only 551 homes for sale, up 11% from a year ago. It is always seasonally low at this time. Average days on market is 90 days, down from 104 days a year ago. At this time of year the inventory has a higher percentage of the more difficult to sell properties in it so the days on market tends to go up. The number of pending deals is only 389, off 15% from a year ago. The last time the number of pendings was that low was January of 2011. Short sales and bank owned are no longer a significant portion of the market. The discrepancy by price range continues to exist. There are 0.9 months of inventory for homes priced below $450k, and 2.7 months for homes price above that. Obviously, it is a seller’s market still in both cases.
Clearly, it is still a good time to be a seller in this market. For buyers, interest rates have fallen again. They are now averaging 4.55% for a 30 year fixed. There continues to much optimism in the marketplace.