Here is the East Lacey WA current real estate market update as of April 2014 (area 451 on the map below).
Lacey residents take pride in their town! The city sponsors many events throughout the year to promote a sense of community with events such as the Lacey Spring Fun Fair at Saint Martin’s campus, the Lacey farmer’s market in the summer, as well as the Mushroom Festival in July!
Neighborhoods include the desirable McAllister Park, Evergreen Heights, Tanglewilde and The Seasons. There is a mix of new construction and mid-century homes in Lacey, and most residents in the area are in the North Thurston School District.
|East Lacey (Area 451)||This Year||Last Year||+ / – / =|
|Average Sales Price in Q1:||$229,364||$174,824||Strong!|
|# of Homes Sold in Q1:||45||46||Stable|
|Absorption Rate for April (how long it takes the market to absorb the inventory):||4.1 months||3.7 months||Balanced Market|
|# of Homes Currently Listed:||75 (65 last year at this time)|
|Current Listed Home Price Range:||$79,900 to $750,000|
Average home sale prices saw a surge in home sale prices between the first quarter of 2013 and 2014. This was due to a release in pent-up demand for homes priced over the average $240,000 home price. The first quarter of 2014 saw more sales in the $300,000 to $500,000 range than the first quarter the year before.
The number of homes sold for East Lacey is also holding steady. Over the last 10 years there was a spurt of new construction plats, which boosted the population by 30%. Lacey has evened out with the growth yet still doing very well in the market.
The absorption rate is currently fluctuating between a balanced market and a seller’s market. This area has historically done well with low absorption rates even during the slowest of real estate markets.
WHAT DOES THIS MEAN FOR SELLERS?
Sellers shouldn’t be afraid to put their home on the market. Many sellers have been waiting to put their homes on the market, and now is a good time because buyers understand their window is closing to take advantage of still low interest rates and moderate home prices. The market still has months of recovery but the downward spiral has stopped and many sellers will be able to see a profit.
Sellers still need to price appropriately with the market. No matter if it’s a “hot” seller’s market or a slow buyer’s market, sellers still need to price right according to the conditions of the market in order to have a successful sale.
Less inventory. Although this quarter has a slightly more inventory, buyers are doing a good job of absorbing this inventory. Well-priced homes are seeing multiple offers and homes are being sold quickly.
Overall, it’s been a long time coming, but the market has improved enough for many sellers to consider their next move.
WHAT DOES THIS MEAN FOR BUYERS?
Buyers need to act – no more fence-sitting. The luxury of waiting and watching the market are over for buyers. With less inventory and more buyers entering the market, buyers may find themselves competing for a property.
Pay attention to where interest rates are heading. Even though interest rates below 6% are considered very low, many buyers over the last five years have enjoyed rates at half that – 3% to 4%. Local lenders are predicting interest rates at 5% by the end of 2014 (which is still a good rate!). Buyers will need to stay on top of where interest rates are heading.
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 East Lacey 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 Lacey 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 (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!