Here is the East Olympia current real estate market update as of January 2014 (area 449 on the map below).
East Olympians enjoy a variety of home choices – from the gated golf community of Indian Summer to larger parcels suitable for horses to a mix of both worlds! Residents enjoy biking and walking on the Chehalis-Western Trail, Lattin’s Country Cider Mill and Farm, and floating down the Deschutes River on a hot summer day. Many residents in this area are in the North Thurston School District and Tumwater School District.
|Olympia East (Area 449)||This Year||Last Year||+ / – / =|
|Average Sale Price in 2013:||$331,174||$314,296||Good!|
|# of Homes Sold in 2013:||102||82||Good!|
|Absorption Rate for January (how long it takes the market to absorb the inventory):||2.8 months||4.1 months||Seller’s Market|
|# of Homes Currently Listed:||47 (up slightly from last quarter)|
|Current Listed Home Price Range:||$119,900 to $642,500|
HOT HOT HOT MARKET IN EAST OLYMPIA!
Average home sale prices for East Olympia are up 5.4% (!) from last year. Thurston County overall has remained flat with an average home sale price of $232,310 in 2012 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 Olympia has also seen very good improvement. This is a combination effect of sellers pricing appropriately for the market, fewer short sales that take months to close, and more buyers entering the market who are ready, willing and able to purchase.
The absorption rate has also improved from last year. East Olympia is officially a seller’s market. The average absorption rate for Thurston County is 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 very low!). 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 right 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 Thurston County real estate market and get tips and advice for a smooth real estate transaction.