Thurston County Market Conditions with Don Manzer: February 2020
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of March 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.
It is still madness out there. Inventory of homes for sale is off the charts low, resulting in an absolute seller’s market. There are only have 242 homes for sale at the start of the month, and of those 45 are new construction. Some of those 45 are not actually built yet. That inventory is off 44% from a year ago. Five years ago, in also a lively market, we had 4.3 times as many homes for sale. Buyers now have to do all their homework before becoming successful at getting a home under contract. They have to be at least prequalified for lending and educated about the choices in the marketplace. Unfortunately they often have to compete for properties, and make decisions more rapidly than they would prefer. Some frustration is now often part of the journey for buyers.
The median price of the inventory is up 9.2% from a year ago It is now $449,950. The number of pending deals is currently 579, up 8.6% from a year ago. Good news for the buyers is that interest rates are incredibly low so they have a little more buying power. The months of inventory statistic is 0.6 months (18 days), an all time low for at least a couple of decades. Balanced markets occur in the 4 to 6 months of inventory range. By price range there is still great variance in the months of inventory measure. For home priced below $450k there is only 0.4 months of inventory. Homes priced above that have 1.8 months of inventory.
Sellers, the conditions have never been this favorable for you, enjoy. Buyers are facing a different story. They will have to work harder than usual, and will likely have to endure some frustration. They should find agent’s help to be more essential than usual.
The Last 12 Months at a Glance
Contact Don Manzer
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 March.”