Adjustments in our Thurston County Real Estate Market
It has been a whirlwind year in Thurston County as either a buyer or a seller of residential real estate.
The year kicked off with record low inventories of available homes and near record demand. It was not uncommon for homes in the median sale price range to go pending in days or sometimes hours of being listed. We began to experience multiple offers with final sales prices driven well above asking prices.
Sellers licked their chops as they anticipated higher sales price, reduced market times and friendlier net proceeds. As happens in the yearly cycle of real estate, we have entered a seasonal decline with inventories beginning to recover. The news of rising interest rates threatens to temper some enthusiasm too. In addition to these factors, it is also becoming apparent that many home sellers are sitting on the fence and delaying their home sale discussions until they feel better about their home buying options.
If you are a seller and have become disillusioned by more normal market times, take heart. There are no indications that demands will be anything other than usual or above. It is likely that our fringe markets (anything other than median sales price) will come back into reach some from a price standpoint. It also seems likely that until our new housing market catches up some, demand could continue to outpace supplies.
As we move into fall, with our schedules transition from vacations to a more normal work/school routine, we can anticipate a renewed focus on the home market for both buyers and sellers.
If you are a home buyer or seller and are wondering about your specific situation, have questions or would like to understand the process, please feel free to reach out. There are strategies for both buyers and sellers that can assist to make your journey more successful.
Enjoy the balance of this beautiful summer and fall!