Here is the East Lacey current real estate market update as of January 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 2013:||$203,305||$206,840||Stable|
|# of Homes Sold in 2013:||246||241||Stable|
|Absorption Rate for January (how long it takes the market to absorb the inventory):||3.4 months||3.5 months||Seller’s Market|
|# of Homes Currently Listed:||75 (similar to last quarter)|
|Current Listed Home Price Range:||$69,500 to $999,950|
Average home sale prices for East Lacey are holding steady. This part of the county has remained stable even throughout the recession. East Lacey is trending very similarly to Thurston County overall, which has had flat sales prices. Thurston County in 2012 had an average sales price of $232,310, and $237,854 in 2013. Thurston County’s average home sale price for January 2014 is $225,006.
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 currently is in a seller’s market. With low inventory, buyers looking for homes in this area, and well-priced listings has created a strong seller’s market. The average absorption rate for Thurston County is also 5 months.
WHAT DOES THIS MEAN FOR SELLERS?
The bottom has hit and we are moving passed the lowest point of the market. This doesn’t mean prices will skyrocket upward. The market still has many months of recovery but the downward spiral has stopped.
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. This is good for sellers as there is less for buyers to choose, and we have seen multiple offer situations with several buyers competing for the same property.
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.
If now is the time for you to make your next move, contact me today!
Originally posted and written by Francine Viola at www.InTuneRealEstate.com, her blog site where you can learn more about the real estate market in Thurston County, and get tips and advice for a smooth real estate transaction.