Thurston County Market Conditions with Don Manzer: October 2017
The seller’s market in Thurston County is still raging. Inventory is so low that it now has majorly impacted the volume of business occurring. These are good times for sellers, especially for those with homes priced below $450k. Buyers however tend to get frustrated with the low inventories. To out of town buyers, especially those from California or the Seattle area, it still looks like everything is on sale.
Inventory is down 25% from a year ago with now just 782 homes for sale in the county. Prices are up; the median is now $350,000, up 12.9% year over year. The number of solds in the last 6 months is also up year over year by 14%. The statistic that is negative is the number of pending deals. There are now only 781 pendings in the county, down 21% from a year ago. With everything else being up it is reasonable to assume that the decline in pending deals is primarily due to the low inventory. Overall inventory in the county is at a stunning1.5 months of inventory. Balanced markets tend to occur in the 4 to 6 months of inventory range.
That discrepancy by price range is still there, but the gap is closing. For homes priced below $450k, which is 70% of our market, there are only 1.2 months of inventory. For the other 30% of the market above $450k there are 4.3 months of inventory. These inventory levels will cause some wild times.
The Last 12 Months at a Glance
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It still looks to be a very reasonable time to be a player in the real estate market. Interest rates are down to very low levels, still currently averaging 3.8% for a 30 year fixed. There is also plenty of optimism in the marketplace. 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. Enjoy that sunshine and have a great October.”
Don’s Featured Listing
This single story duplex absolutely deserves the adjective cream puff. It has 1950?s character, extensive hardwood floors, a stone fireplace, and the 1950?s cabinets with nice interest. Duplex is on a low maintenance lot, and with a private, inviting patio space for each unit. Yard is partially fenced, and there is a carport in the back. To top it off, what a location in the Westside, only one house from the Garfield Nature Trail/park. This could be a great candidate for owner occupied.