2016 has so far been an exceptional year for real estate in Western Washington. From both perspectives, buyer and seller, it has been a good year. Buyers are still enjoying exceptional prices, and low interest rates. Sellers are enjoying a brisk market, low inventory, and in some cases multiple offers.
The current housing inventory in Thurston County south of JBLM is approximately 1 month. A balanced market is considered to have 4-6 months of inventory. Based on supply and demand, you can see that we are in a sellers market. The result of the low inventory and strong demand this year has been an increase in prices.
The inventory situation, coupled with the improving economy, has been good for home prices. We have seen values going up by 1.5% per month in some parts of the market. Generally, the lower priced homes have appreciated the most. Across Thurston County, overall real estate values have increased 11% in the past year.
As fall approaches, the real estate market tends to slow to a stop (around Christmas) and then take off with a bang in January.
As of late September, the market slowed some before kids went back to school, then picked up again. Based on the number of folks I am communicating with, it looks like it will be a busy fall and winter.
As I mentioned above, the market is in need of listings (and so am I). If you are considering selling your home, I can promise you more exposure, both local and global, than any other brokerage. Most agents put your home on the MLS and put up a sign…that’s what we do before we start.