Our local real estate market continues to show improvements not seen in five years. Home prices are stabilizing while sales continue to climb. Further, the inventory of homes for sale has remained flat which has created a more balanced market, the first time in five years. Detailed highlights of our current market are:
- Prices continue to show stabilization. After 41 months of decline, the trailing 12 month average sales price for homes in Thurston County has been stable for the past 10 months.
- Sales continue to climb. Closed sales have been up in 10 of the last 12 months and Pending sales have seen growth in 12 of the past 14 months.
- Inventory has remained flat – so much so that listings are needed in nearly every area and price range. Typically, summer has 30-50% more homes for sale than the winter months. This year we’ve seen just a 3% increase from December to June.
- Consequently, heading into the summer we find ourselves in a balanced market for the first time since the summer of 2007. At just 5.5 months’ supply of homes on the market, we are two months lower supply than last summer.
“All of this bodes well for better balance and health in our market going forward,” stated Ken Anderson, President and Broker, Coldwell Banker Evergreen Olympic Realty.
