I don’t spend a lot of time in the past. It’s yesterday, gone, over, finished, behind me.

 

 But, being that I sell a lot of land in Thurston County, I thought a look in the rear view mirror might shed some light on the vacant land market that was going on while all the media attention was directed at housing.

 

I’m not the smartest realtor on the planet but I do know they are not building anymore land.  For blogging purposes, let’s just call it real estate.

 

I will be sharing two separate 5 year histories.
The first being land less than an acre in size. “The building lot”

 

A 5 Year History of

Land Sales in

Thurston County

Less than 1 Acre

Average

Days on

Median

Average

Total Sold

Market

Price

Size

SP%LP

2013

40

241

$45,275

0.48

83.76%

2012

59

183

$34,000

0.33

81.90%

2011

64

296

$47,250

0.34

89.11%

2010

95

190

$61,556

0.31

88.96%

2009

67

149

$64,000

0.30

89.76%

 

 

 

 

There is so much to report with the less than 1 acre (building lot) I’m not sure where to begin.

 

  • combine the 5 years of total sold lots and that would be how much land would typically sell any given year prior to 2009. 

  • when 6 or 7 months is the average market time, the demand pretty much dries up and sales become sluggish.

  • a -29.1% drop in the median price over a 5 year period. Nearly 1/3 of land value went away.

  • the SP%LP remained over 10% the last 5 years.

In summary; to sell a lot in the last 5 years meant a 30% hit, an average of 7 months to sell, and then kick in another 10% which made you a motivated  seller.

 

  “Supply and Demand”

 

004

 

Categories: Blog, Uncategorized

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