Home prices in Olympia WA in Thurston County for August 2013
Here is this month’s real estate market report for Olympia WA in Thurston County by Francine Viola, Realtor of Coldwell Banker Evergreen Olympic Realty.
Home prices in Olympia, WA and county-wide are rising. For the last few months, we are seeing a pattern of rising prices. This month, home sale prices in Olympia, WA and county-wide are up 2.3% from last year.
So when are prices really going to go up? Pricing trends lag behind number of sales trends by 18-24 months. If we look at the number of sales, we saw consistent growth back in April 2011. Eighteen months from April 2011 turns out to be October 2013. We are right on the cusp of seeing home prices rise.
This chart shows the Annualized Number of Home Sales in Olympia and Thurston County. In April 2011, we can see this is when we bottomed out for the number of home sales and stabilized and started to climb upward.
What this means for Sellers. As the months go on, we predict you’ll see greater returns. Buyers are coming back, and we are seeing the most activity for homes under $400,000 – however home sales under $400,000 make up 93% of Thurston County’s real estate market. (Homes over $400,000 will have a longer recovery time, and it is typical for the higher end homes to take longer to sell in any market.)
What this means for Buyers. Your time is up. The bottom of the market has passed and now is the time to make your move to catch the tail end of the fading buyer’s market. Brace yourselves for less negotiating room with sellers and be prepared to cover your own closing costs.
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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.
Statistics not compiled or published by the Northwest Multiple Listing Service. Statistics compiled by Francine Viola and Coldwell Banker Evergreen Olympic Realty, Inc. from NWMLS data.