Thurston County Market Conditions with Don Manzer: November 2018

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

The number of deals has continued to decline in our local market.  Declining is a seasonal trend, but we are now off last years number for pending deals by 18.7% year over year.  It is still clearly a seller’s market though with the overall months of inventory being only 1.5 months.  For homes priced below $450k there is only 1.1 months of inventory.  It still seems that this year’s decline in deals to due primarily to the lack of inventory.  Pricing has declined slightly in recent months, but it looks like it has flattened out.  The median price is now $392,114, up 8.9% from one year ago.  The peak in the median price was at the end of July at $399,900.

Some other statistics are that the current inventory of houses for sale is 747, up 7.1% from last year.  The number of current pending deals is 586.  Average days on market is 76 days, down from 84 days a year ago.  Months of inventory for home priced above $450k is 3.6 months.  That is still a seller’s market level though. Balanced markets tend to occur in the 4 to 6 months range. Short sales and bank owned properties are decreased enough that they are not a meaningful part of the marketplace.

It is still a good time to be a seller in this market.  For buyers, interest rates have risen slightly, but still at quite low levels from a historical standpoint.  They are now averaging 4.86% for a 30 year fixed.

The Last 12 Months at a Glance

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Available Home Inventory
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Average Months of Inventory
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Average 30 Year Fixed Year Mortgage Rate

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There continues to much optimism in the marketplace. Let’s have a great November.”

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