Here is the Boston Harbor WA real estate market update for September 2014.
Why live in Boston Harbor?
Boston Harbor is a desirable area of Thurston County and offers residents lots of waterfront activities including Priest Point Park and Boston Harbor Marina as well as a direct route to downtown Olympia.
Other downtown waterfront activities include the Hands On Children’s Museum, Swantown Marina, the Farmer’s Market and more, which are just a walk or a bike ride away for many residents in the southern part of Boston Harbor.
Types of Homes: Boston Harbor has a mix of waterfront homes and condos, mid-century and vintage homes. Search Boston Harbor homes for sale. Neighborhoods include Fishtrap, Gull Harbor, the Henderson Inlet and South Bay.
Boston Harbor Real Estate Market Snapshot for the third quarter 2014.
- Average Sales Price for Q3 2014 is $332,935. Last year at this time, it was higher at $387,731. This is the second quarter in a row that prices have been down from 2013. But there were very few homes sales, which can skew the data.
- Number of Home Sales is 27 vs. 16 last year at this time, which is positive to see.
- Months of Inventory has improved dramatically from last year at this time. Boston Harbor is currently in a seller’s market with just 3 months of inventory (down from 11 months).
- How fast are homes selling in Boston Harbor? On average, homes were on the market for 87 days, which is exactly the same as it was for last quarter.
What does this mean for Sellers?
Sellers need to price for the CURRENT market conditions. The average list price is $389,950 with the average sold price at $332,935. In broad terms, sellers in Boston Harbor are over-priced. Last year, the average sales price was $387,731 but the market has dipped in this area of the county.
Interest rates have remained incredibly low to much surprise, so sellers are able to attract a wider buyer-audience and can take advantage of these low rates when they become buyers. But experts are warning that time may be running out for these low interest rates.
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What does this mean for Buyers?
Buyers shouldn’t wait for a price reduction. On average, home list prices are high and if buyers find a property that suits their needs, they should make an offer, and not wait to see if the seller will reduce the price.
Pay attention to where interest rates are heading. Even though interest rates are still historically low (under 4.5%), lending experts are anticipating this trend ending.
Be prepared. Buyers need to be prepared financially to purchase a property. That means working with a quality local lender and getting pre-approved so that you are ready to make an offer when you find the right house. Secondly, buyers need to be prepared that a seller may not agree to pay a buyer’s closing costs.
Visit my website to search Boston Harbor, WA homes for sale, or sign up and get notified when homes that meet your criteria come up on the market. Be the first to know of a new listing! Also click here to learn what NOT to do when buying a Boston Harbor, WA home.
If you’d like to learn more about how your home fits into this market and would like a personalized home evaluation, feel free to email me (email@example.com) or call me today at (360) 359-0689. With no obligation, I can give you straight-forward, fact-based information so you can decide if the time is right to make your next real estate move.
Local statistics compiled by Francine Viola from NWMLS data. Statistics not compiled or published by NWMLS (Northwest Multiple Listing Service).
Originally posted and written by Francine Viola at her blog site: www.InTuneRealEstate.com, where you can learn more about the real estate market in Thurston County and get tips and advice for a smooth real estate transaction!