Thurston County Market Conditions with Don Manzer: September 2017
Our weather has not cooled off but the prices in Thurston County have certainly have. The market is still quite vibrant but pricing has decreased. Median prices of the inventory are still up 4.7% year over year, but they are off 9.6% from this year’s peak prices in early May. In early May the median price peaked at $365,000, and is now $330,000.
Year over year inventory is a stunning statistic. It is down 25% to now just 854 homes for sale in the county. The number of pending deals is off 9.5% from a year ago to now 896 deals. The average days on market has gone down during the month to now 72 days. That is essentially the same as a year ago. The best indicator of overall market conditions is months of inventory. It is still incredibly low at 1.8 months of inventory. Balanced markets tend to occur in the 4 to 6 months range so overall it is still very much a seller’s market.
The discrepancy by price range has been decreasing. For homes priced below $450k there are only 1.4 months of inventory. That is still absolutely a seller’s market. For homes priced above $450k there 4.7 months of inventory. That is still quite a difference in the two different price ranges but the gap is narrowing. On average sellers of higher priced homes are still having to work harder to get their homes sold.
The Last 12 Months at a Glance
Contact Don Manzer
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, currently averaging 3.8% for a 30 year fixed. There is also plenty of optimism in the marketplace.”
Don’s Featured Listing
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 seller plans to provide an approved septic design.