Thurston County Market Conditions with Don Manzer: June 2020
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of June 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.
We now know what has the biggest impact on the market, the low inventory or the economic fallout from the virus. At least for now, it is clearly the low inventory. Buyers are still out there and there are way more of them than houses to go around. New listings are frequently under contract in less than a week and usually with multiple, over list price offers. It is a great time for sellers, and an incredibly frustrating time for buyers.
Our inventory of homes for sale is off 34% from a year ago and 77% from 2 years ago. There are currently only 360 homes for sale in the county. The only time inventory was lower in the last couple of decades was briefly at the start of this year. The number of pending deals is down 18% from a year ago at currently 738 deals. Not surprising is that the median price of the inventory is up 11.3% from a year ago. Average days on market of the inventory is 68 days.
The months of inventory measure is 1.1 months. That is so very low! Balanced markets tend to occur in the 4 to 6 months range. Not much seems to be going on to impact this inbalance so the madness is likely to continue. The average interest rate in the country for a 30 year fixed loan is 3.15%. At least the buyers get some good news with those rates. Baby boomers all remember that loans at 9 to 12% were one time good deals.
The Last 12 Months at a Glance
Contact Don Manzer
Again it is still possible to do real estate business, just more awkard. If you would like any real estate advice then give Don a call. He has plenty time to talk as he has just about run out of projects to do at home. Enjoy the new freedoms of phase two and enjoy June.