Thurston County Market Conditions with Don Manzer: July 2018

We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of July 2018.  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 biggest news in the local market is that prices seem to have leveled off since the end of March, maybe just taking a breather. The median price of the inventory is now $395,000, essentially the same level as the end of March. Prices are up year over year 15.8%.  The inventory has increased a little but overall it is still clearly a sellers’ market with only 1.7 months of inventory available.  A telling statistic highlighting the low inventory is that the number of pending deals is 27% less than a year ago.  That is not due to a lack of buyers, but because there is just not enough homes for them.

Inventory of homes for sale is 681 in the county.  Average days on market continues to be at a very low level, 64 days.  The number of pending deals at the end of the month was 823, and there have been 2376 sold in the last 6 months.

The discrepancies by price range are still about the same.  Overall the market has 1.7 months of inventory.  For homes priced below $450k that statistic is only 1.3 months. For homes priced above that there are 4.4 months of inventory.  Balanced markets tend to occur with 4 to 6 months of inventory.  Sellers of the higher priced properties will obviously have to be more patient than those of the lower priced ones, but both price ranges still favor the sellers.

It is a still great time to be a seller in this market.  For buyers, interest rates have been flat, and are still quite low levels from a historical standpoint.  They are now averaging 4.55% for a 30 year fixed.

The Last 12 Months at a Glance

Available Home Inventory
Months of Inventory (Homes above 450k)
Months of Inventory (Homes below 450k)
Average 30 Year Fixed Year Mortgage Rate

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There continues to much optimism in the marketplace. Let’s have a great July.”

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