Thurston County Market Conditions with Don Manzer: January 2020
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of January 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.
What a crazy year, and probably more of the same ahead! It is still a strong seller’s market with almost no inventory. At year end there are merely 210 resale homes available in Thurston County, and another 62 new ones for sale in the mls. A year ago the inventory was scarce too but there was still 51% more homes for sale. Five years ago there were 1045 homes for sale in the county. It is no surprise that with strong demand and low inventory all year, the prices have gone up. The current price of the inventory in the mls is up 13.4% year over year. That median price is now $440,950.
Months of inventory is an all time low of 0.6 months right now. Balanced markets occur in the 4 to 6 months range. This is definitely not a balanced market! For homes priced below $450k there are only 0.4 months of inventory. For homes priced above that there are 1.5 months of inventory. Pending sales are at 475 which is up 22% year over year. Average days on market is currently only 93 days. There are probably more of the difficult to sell homes in the mix right now than is usual. Bank owned and short sales are still an insignificant part of the market at only 1.8% of the inventory.
Sellers, it is still a good time for you due to the very low inventory. Buyers, interest rates are still very low historically.
The Last 12 Months at a Glance
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Overall there continues to much optimism in the marketplace. 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 June. “