Thurston County Market Conditions with Don Manzer: October 2018
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of October 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 local market has clearly been slowing down, and not just due to seasonal trends. The current number of deals is off 21% year over year. The median price of the inventory is off 2.5% since the seasonal peak of $399,900 at the end of May. The current median price is $389,900, up 11.4% from a year ago. It continues to still clearly be a seller’s market. Months of inventory has been staying near the current 1.8 months since about the end of May. For reference balanced markets tend to occur in the 4 to 6 months of inventory range.
Some other statistics are that there are currently 875 homes for sale in the county, up 12% year over year, but still at a very low level. The average days on the market is 66 days. The differences by price range has been about static for a few months. For homes priced below $450k there are currently only 1.4 months of inventory. For homes priced above that there are 4.1 months of inventory. Short sales and bank owned properties are no longer a meaningful portion of the market.
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 4.72% for a 30 year fixed.
The Last 12 Months at a Glance
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This fully forested lot is waiting for your new custom home. The location would support a high value one. It is a rural setting but still handy to both Olympia and Lacey. The site is nearly level but with enough slopes for some good interest. The timber value should help offset some/all of the clearing costs. Survey has been done and there is an approved septic design.