Thurston County Market Conditions with Don Manzer: May 2018
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of May 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.
Even though inventory has increased more rapidly than the number of deals this last month, the big story in the marketplace is still the scarce inventory. Inventory is down 18% from a year ago to now only 493 homes for sale in the county. The low inventory is clearly slowing down sales. The months of inventory measure is still very low at 1.4 months (balanced markets tend to occur in the 4 to 6 months range). Obviously sellers are still feeling like they have more cards than the buyers. Some buyers can become quite frustrated in this market, particularly in the entry level homes. They are often faced with multiple offers, and many properties going for more than the listed prices.
The median price of the inventory bounced around during the month but ended up nearly flat at $393,400. That is an increase of 12.4% on a vear over year basis. The discrepancy in the market by price range is still there, but it has been static. For homes priced below $450k there is only 1.0 months of inventory. For the homes priced above that there is 3.9 months. Sellers for the higher priced properties cannot be quite as aggressive as the sellers for the lower priced ones. Not surprisingly bank owned and short sales have become a non relevant portion of the market.
It is a still great time to be a seller in this market. For buyers, even though interest rates are moving up, they are still quite low levels from a historical standpoint. They are now averaging 4.58% for a 30 year fixed.
The Last 12 Months at a Glance
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