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 July 2013, Thurston County’s average home sale jumped up by over $10,000 to an average sales price of $243,301. Last year at this time, the average sales price was $231,926. For the last 18+ months, the average home price in Thurston County has hovered between $230,000 and $234,000.
So when are prices really going to go up?
We can predict this without having to read tea leaves or consult the Tarot cards by looking at historic trends. (However reading tea leaves might be more fun!)
Pricing trends lag behind number of sales trends by 18-24 months. Again, the average sold price in Thurston County has hovered right around $232,000 for over 18 solid months. Now is the time we expect to see home prices rise.
This chart shows the Number of Home Sales in Olympia and Thurston County. The Number of Homes Sales has been on the rise.
This next chart shows the Change in Average Sales Price in Olympia and Thurston County. The change in average sales price has been flat, lagging behind the rise in the number of homes sold.
Combining these two charts together, you can see the trend of home prices starting its climb after 12-18 months of increasing number of homes sold.
What this means for Sellers: You can see the light at the end of the tunnel! As the months go on, we predict you’ll see greater returns.
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, competing with other buyers, and be prepared to cover your own closing costs.
Find Homes for Sale in Olympia WA
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To find out what your home is worth in the current Olympia real estate market, email or call me today at (360) 359-0689.
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.