Thurston County Market Conditions with Don Manzer: May 2020

We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of May 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.

In our county we are still in our homes, not restaurants or visiting family and friends.  Real estate is one of the businesses that can still function though, but with new rules.  Showing homes is more awkard and there is minimal face to face meetings with clients.  It is not nearly as much fun; we are social creatures.

Thurston County, May 2020, List Prices

The virus has not yet changed the big inbalance between the number of buyers and the scarce number of homes for sale.  Homes priced below $450k are still flying off the shelves.  Many are likely to go pending in 1 to 5 days, often with multiple offers, and over list price.  We have only 337 homes for sale in the county, off 25% from a year ago.  Days on market is close to the same as last year (currently 71 days), and we have 19% less pending deals (640 now) than last year.  The year over year change in median price plus 6% at $449,500.  Prices have fallen a bit since mid February but it doesn’t feel that way for buyers that are competing for the scarce homes.

Thurston County, May 2020, Inventory

Overall we have 1.1 months of inventory in the county.  Balanced markets occur in the 4 to 6 months range.  For homes priced below $450k there are only 0.7 months of inventory.  That is still pathetically low, great for sellers but tough for buyers.  The months of inventory measure for homes priced above $450k has been inching up all year to now 2.8 months.  Buyers don’t have to be quite as frantic in this price range, but it is still a seller’s market.

Thurston County, May 2020, Supply/Demand

The Last 12 Months at a Glance

0
Homes
Available Home Inventory
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Months
Average Months of Inventory
0
%
Average 30 Year Fixed Mortgage Rate

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Again it is still possible to do real estate business, just more awkward.  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.  The good news is the yard and grounds are looking nice, and there is time to enjoy seeing the plants come back to life.  We all look forward to getting our life’s closer to a back to normal basis.  Better times have to be ahead.

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