East Olympia WA real estate market update April 2014

Here is the East Olympia WA real estate market update as of April 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.

Thurston County Map 

MARKET SNAPSHOT:

Olympia East (Area 449) This Year Last Year + / – / =
Average Sale Price in Q1: $314,148 $305,617 Good!
# of Homes Sold in Q1: 21 11 Good!
Absorption Rate for April (how long it takes the market to absorb the inventory): 5.4 months 5.3 months Balanced Market
# of Homes Currently Listed: 38 (29 homes listed last year at this time)
Current Listed Home Price Range: $119,900 to  $642,500

Average home sale prices for East Olympia continue to inch upward, and is maintaining momentum.  Thurston County’s average home sale price for April 2014 is $238,310.

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 remained stable and is in a balanced market, similar to Thurston County overall.

Market Timeline

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.  East Olympia has seen positive gains.

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.

Find homes for sale in East Olympia, WA.

Visit my website to search East Olympia, 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 an East Olympia, 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.

 

Click here to see the market updates for West Olympia, WA (area 444).

Click here to see the market updates for Boston Harbor, WA (area 445).

Click here to see the market updates for North Olympia, WA (area 447).

Click here to see the market updates for South Olympia, WA (area 448).

Click here to see the market updates for other areas of Thurston County.

 

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!

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