Thurston County Market Conditions with Don Manzer: October 2020
We’ve got another detailed account of the Thurston County Market Conditions from Don Manzer in his newsletter for the month of October 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.
It is still craziness out there, but slightly calmer. That typically happens as school gets underway.
The big news is that there are only 229 homes for sale in the county. Of those 47 are new construction, sometimes not yet completed. That is a mere 15 days of inventory. A year ago the inventory was quite low too, but at that time there were 568 homes for sale. The average days on market has climbed up from the mid 40’s during the month to now 60 days. That could be a result of only the slower homes to sell are the ones still out there. Again, we have 15 days of inventory. Balanced markets tend to occur when there are 4 to 6 months of inventory.
It is no surprise that prices have generally been going up. With the data base of homes for sale being so small there is much variably in numbers day to day. Looking back at the month the median price of the inventory has been bouncing around the $478,000 level. That is up 14% from a year ago. The activity level is still pretty high with currently 903 pending deals, 35% more than a year ago. The good news for the buyers is that interest rates are still near all time lows. A 30 year fixed conventional loan is averaging 2.9%.