Thurston County Market Conditions with Don Manzer: November 2020
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of November 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.
The marketplace gets the same description this month as last, no inventory!
The inventory at the end of the month was a mere 226 homes for sale, of which 44 are new construction. That level is down 56% from a year ago when we still thought the inventory was scarce. For more perspective, at this time in 2018 there were 747 homes for sale. In 2011 there were 1604 homes for sale. The current level for the county is 0.5 months of inventory. For that portion of the inventory priced below $450k, there is a mere 9 days of inventory. This is absolutely a seller’s market. Buyers have to be prepared financially, endure a good amount of frustration, be patient and agressive. The good news for the buyers is that interest rates are still at all time low levels, currently averaging 2.81% for a conventional 30 year fixed mortgage.
Prices of course are trending up. We ended the month with the median price of the inventory being $478,400. That is up 12.6% from a year ago. There are currently 806 pending deals, up 25% from a year ago. Average days on market for the inventory is 56 days. These are crazy times
The Last 12 Months at a Glance
Contact Don Manzer
If you would like any real estate advice then give Don a call. With low inventory, business is of course slow, and he has just about run out of projects to do at home. Enjoy November.