Here is the Delphi / Black Hills WA real estate update for June 2015.
Why live in the Delphi / Black Hills area?
Delphi / Black Hills residents are in an area of homes on larger parcels of land. Buyers can find their coveted horse properties here! There are also some high-end neighborhoods including Field of Dreams and Cougar Ridge as well as the neighborhoods of Alpine Hills, Black Lake, Littlerock, Mud Bay, and Waddell Creek. This area also includes part of the Capitol State Forest.
Schools: Many residents in this area are in the Tumwater School District.
Types of Homes: There are a wide variety of choices between homes on a golf course, horse properties and larger acreage homes with mountain views. Buyers can also find unique, custom-built homes along with manufactured homes and homes in subdivisions.
Delphi / Black Hills Real Estate Market Snapshot
Sales Prices have remained steady over the last two years as 2013 was the bottom for this area of Thurston County. Low interest rates, low inventory, and strong buyer activity will continue to push growth. Buyers are back in the market and ready and able to buy.
With 2 months of inventory, Delphi / Black Lake area sellers have less competition in attracting buyers. (A sellers’ market is 0-3 months of inventory.) This is a huge improvement when several years ago, the inventory levels were 16 months!
The number of homes listed for sale is down and that is good for sellers. But the market is adding new listings and buyers are taking action and buying well-priced homes. (Overpriced listings will still sit on the market, untouched by buyers, even in a seller’s market.)
What does all this mean? Because sales prices are stabilizing and the market has willing and able buyers, the market is seeing fewer distressed properties (short-sales, bank-owned homes, and foreclosures), which has helped heal the market.
Buyers are still enjoying historically low interest rates, even when it was predicted interest rates were going to rise by the end of 2014. That prediction didn’t materialize, and buyers still have time to lock in to a great rate.
Current rates are at about 4% with VA and FHA buyers enjoying even lower rates.
Sellers who have been waiting to sell, can now be confident they CAN sell and in some cases, see a profit.
This chart shows the average gains depending upon when the homeowner purchased their home. Sellers who purchased in 2005-2009 (the height of sales prices) are still waiting to see gains on average. The market has not yet recovered fully to recoup the fall of the market during those years. (To emphasize, these are county-wide averages.)
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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 (firstname.lastname@example.org) 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!