February Thurston County Market Report
In the Thurston County real estate market conditions continue to favor sellers over buyers, as fewer houses become available compared to this time last year. In February 2020 the median sales price increased to $365,450 compared to this time last year at an increase of an incredible 16%. If you would like a different way to look at it the average sales price also increased to $385,747 at an increase of $385,747 an increase of 12.9% from last February according to the Northwest Multiple Listing Service.
Housing inventory is now at a low of just over 2 weeks favoring the seller in our market. Compare that to a balanced market where conditions neither favor the buyer or the seller would have a six month inventory.
Days on the market really is different depending on your price point. The most popular price point of 200k-350K inventory is at 19 days on market average,which is an increase of 2 days compared to this time last year. 350k-500k houses sit at an average 29 days down 12 days from last February. Homes listed on the market 0-200k are on the market an average of 68 days a whopping increase of 38 days from this time last year. Homes listed over 500k are on the market an average of 78 days and increase of 17 days from last February.
Interest rates dropped again to an incredible 3.125% Generally high prices, limited availability and quick sales of those homes that come up for sale make the Thurston county real estate market a favorable environment for sellers.
Van Dorm Realty Inc. provides expert real estate services to residential buyers and sellers in Thurston County and surrounding communities. Contact us today for more information on Thurston county real estate and for professional assistance navigating the sometimes complex home market.