Thurston County January Market Report February 9, 2022 By Charlotte Charlotte:What’s going on in the market in Thurston County? Thurston County, single family homes appreciated 20% from December 2020 to December 2021. Say what? That means that you gain about 20% in equity on your property, in one year. Want to find out more on what the market is doing? Well stay tuned in today’s video.Hi, I’m Charlotte. I’m a realtor here in Thurston County. The housing market right now is pretty amazing, not just for sellers, but for buyers too, with current low interest rates. Even though these interest rates are slowly inching up, they are still super low and really great rates.So back to the data. December 2021, had 146 homes for sale compared to December 2020, at 180. That’s a decrease of 18.9% and this is one of the reasons why appreciation has gone up so much. Demand is still extremely high for properties, but there just isn’t enough inventory, so the inventory that does get listed is at a huge advantage.This is not a crazy housing bubble. It’s simply the law of supply and demand. So let’s talk about price. Median sales price, the price at which half the house is on the market sold for less, and half the houses on the market sold for more. It’s 483,986 in December of 2021, compared to 400,000 in December, 2020. That’s an $83,000 difference, in price, in one year.All right, let’s talk about new listings. December 2020, there were 274 and December 2021, there was 280, which is a slight increase, but looking at year to date numbers, there was an increase of 14.1%, when you compare 5,294 listings in 2020 to 6,039 in 2021. More listings came on the market in 2021 compared to 2020, but that is likely due to the uncertainty in the beginning of the pandemic. Closed sales were down slightly from December 2020 to December 2021. But looking at year-to-date in 2021, there was a 15% increase compared to 2020. Days on market with 16 days in December 2021 and 12 in December 2020. It’s an increase of 33%. Basically that means that inventory is staying on the market a bit longer than it did a year ago, but not by much. It’s only four days.There can be a number of reasons for that small change. It’s only a four day difference, so we are seeing a slowing down in how quickly it goes under contract. But again, not by much. This could be related to the type or quality of the properties that are actually coming on the market and also at the price points at which they’re coming on the market, among a lot of other things.We are also seeing that people are paying less over list price. But again, not by too much. So in December of 2020, buyers paid 102.6% of list price, so 2.6% over the asking list price. I bet all those click bait news articles made you think it would be a lot higher. In December of 2021, buyers paid 101.9% over list price. So this means that buyers are able to get a home closer to the actual list price than they did in December of 2020. If you take all that into account, it still bodes very well for sellers.The data shows that the buyers are still out there, hot and heavy, because number one, days on market is still incredibly low at 16 days and sellers are still getting over list price for their properties. The data we use to determine whether it’s a buyer’s market, balanced market, or a seller’s market, is to look at the month supply of inventory. Right now, the month supply is at 0.3 months of inventory. That means that if nothing else came on the market, we would have less than two weeks of inventory before we ran out of homes to sell. To give you an idea on how strong this seller’s market is, a balanced market is four to six months of inventory and we’re at two weeks.So there you have it, the numbers for the December 2021 market report for Thurston County. If you’d like to be added to my Market Data Newsletter, please click the link in the description below. When you enter your specific zip code, I’ll be able to send you neighborhood news for that zip code, whether that’s a zip code that you want to buy in, or a zip code that you live in. It’s helpful information on the housing market. I hope this was helpful. Thanks for watching. See you next time. Share Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Sum of 5 + 7 * Δ