DuPont WA current real estate market update April 2014

Here is the DuPont WA current real estate market update as of April 2014.

What’s it like to live in DuPont?

DuPont is a middle point between Tacoma and Olympia, and offers an excellent location for Joint-Base Lewis McChord (JBLM) commuters.

In 1994, Northwest Landing, a master planned community in DuPont, was developed on 3,200 acres. There are 50 acres of parks.  Trails, sidewalks and bike lanes make it enjoyable to get out and enjoy the area or to play a round of golf.  And you can leave the car at home as the city center of DuPont offers shopping, restaurants and other services within close proximity. Many residents are in the Steilacoom Historical School District.

Click here to learn about DuPont’s “explosive” secret.

Map of DuPont WA

MARKET SNAPSHOT:

DuPont This Year Last Year + / – / =
Average Sales Price in Q1: $285,052 $323,249  See notes
# of Homes sold in Q1: 19 12  Good!
# of Homes  Currently Listed: 46
Current Listed Homes Price Range: $209,000 to $719,950

Average home sale prices for DuPont comparing the first 3 months of 2014 to 2013 did see a decline, however in 2013, the homes that sold were much larger, averaging about 2,800 square feet.  In  the first quarter of 2014, the average square footage of the sold homes were about 1,600 square feet, which would explain the price difference.

The number of homes sold in DuPont has started off well compared to last year’s first quarter.  This shows there are able and qualified buyers and sellers have priced appropriately.

The number of homes currently listed is much higher than last year.  Last year saw 33 homes listed for sales at this time.  But there are enough buyers to absorb this increase.

 

WHAT THIS MEANS FOR SELLERS

Sellers still need to price right.  Over-priced listings, in any market, will not attract a buyer because buyers refuse to waste their time in trying to negotiate the price down to fair market value.

The higher inventory numbers should be considered by sellers when pricing because buyers have more homes to choose from currently.  To stay competitive, Sellers need to promote a priced-right, neat-and-clean home that buyers can’t pass up.

 

WHAT THIS MEANS FOR BUYERS

Competition getting stronger for well-priced homes.  The bottom of the market has passed and now is the time to make your move to catch the tail end of the fading buyer’s market.  Brace yourselves for less negotiating room with sellers and be prepared to cover your own closing costs.

Buyers may also need to prepare for multiple offer situations.  Buyers now have competition for well-priced homes.  In order to prepare, buyers need to be ready to go if they need a loan (prequalified with a local lender) and need to be able to make that quick decision, if needed.

Keep an eye on rising interest rates.  Lenders are predicting interest rates to hit 5% by the end of 2014, however this still is a really low rate.  Just ask your parents what their mortgage rate was; it probably was around 15%!


Find DuPont WA Homes for Sale

Search ALL homes for saleVisit my website to search DuPont WA homes for sale, or sign up and get notified when DuPont 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 DuPont 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 (francine.viola@cbolympia.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.

Statistics not compiled or published by the Northwest Multiple Listing Service.  Statistics compiled by Francine Viola from NWMLS data.

Originally posted and written by Francine Viola at her blog site, www.InTuneRealEstate.com where you can learn more about the real estate market and get tips and advice for a smooth real estate transaction!

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