Thurston County Market Conditions with Don Manzer: March 2019
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of March 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.
As per recent annual trends, real estate prices have gone up sharply so far this year. The median price of the inventory is now $412,000, up 5.9% for the year, and up 3.0% year over year. Another notable attribute of the market is the inventory is at historically low levels. We currently have only 433 homes for sale in the county. For some dramatic contrast, back in March 2010 we had 1643 homes for sale. These are very different times.
The number of pending deals is now 533, off 22% year over year. It is reasonable to assume that decrease is due primarily to the scarce inventory. Average days on market until pending is 92 days. That is little change from last year. Overall there are 1.2 months of inventory for sale. That is absolutely a seller’s market (balanced markets tend to occur in the 4 to 6 months range). There is still a significant difference in the balance by price range. That difference has stayed generally static though. For homes priced below $450k there are only 0.9 months of inventory. For homes priced above that there are 3.1 months of inventory. Sellers for the higher priced home will have to be a little more patient, but they are still clearly in a seller’s market position.
Sellers, it is clearly a good time for you due to the very low inventory. Buyers, interest rates have fallen more, and are at attractive levels. They are now averaging 4.35% for a 30 year fixed. Overall there continues to much optimism in the marketplace.