Thurston County Market Conditions with Don Manzer: June 2018
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of June 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 escalation of prices seems to be leveling off these last 3 months. The median price is now $399,900, the same as the end of February. It has been bouncing around since then in a fairly narrow range. The other significant news for the month is that inventory has grown 29% during the month to now 636 homes for sale in the county. However, that is a 7% decrease on a year over year basis, and it is a very low level looking back over the past many years. At the end of May in 2016 we had 890 homes for sale, 40% more than now.
Other significant statistics are the number of pending deals is 857, a 16% decrease from a year ago. No doubt that lower level of pendings is not due to a lack of buyers, but due to the low inventory. Average days on market is 63, months of inventory is 1.8 months. Both of those are little changed from a year ago.
Months of inventory stats still documents an absolute a seller’s market. There continues to be a significant difference by price range though. For homes priced under $450k there is only 1.3 months of inventory. For the homes priced higher, there is 5 months of inventory. Balanced markets tend to occur in the 4 to 6 months range so clearly the sellers have more power than the buyers. Buyers trying to get that well presented $300k home will often have to compete with multiple offers over list pricing.
It is a still great time to be a seller in this market. For buyers, interest rates have recently moved slightly down, and are still quite low levels from a historical standpoint. They are now averaging 4.56% for a 30 year fixed. There continues to much optimism in the marketplace.
The Last 12 Months at a Glance
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