Here is the East Olympia WA real estate market update for June 2014.
Why live in East Olympia?
East Olympians enjoy a variety of home choices – from the gated golf community of Indian Summer to larger parcels suitable for horses to lake front homes on Hewitt Lake. 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.
East Olympia real estate market snapshot for the second quarter 2014.
Average Sales Price for Q2 2014 is $344,559. This is down from last year at this time when the average sales price was $369,963.
Number of Home Sales is 23 vs. 33 last year at this time.
Months of Inventory is in a balanced market with 4 months of inventory. This is a slight increase from last year when there were 2 months of inventory.
How fast are homes selling in East Olympia? On average over the last six months, homes were on the market for 83 days.
What does this mean for Sellers?
Sellers are feeling more confident in listing their homes for sale. Currently there are 48 homes listed for sale. Last year at this time there were 32 homes listed, so there is steady listing activity.
Sellers still need to price appropriately. Right now the average list price is $377,835 with the average sales price of $344,559. In broad terms, sellers in East Olympia are pricing a little high. But even in the hottest market, overpriced homes did not sell, and sellers need to price right for the market conditions.
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What does this mean for Buyers?
Buyers shouldn’t shy away from “over-priced” listings. In looking at the data above, sellers are pricing higher than the average sales price. Don’t be afraid to do a little negotiating.
Pay attention to where interest rates are heading. Even though interest rates have remained low despite predictions, experts agree time is running out for buyers to take advantage of rates below 4%. 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. Buyers also need to be prepared that a seller may not agree to pay a buyer’s closing costs.
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 (email@example.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.
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!