Lacey WA real estate market update April 2014

Here is the Lacey WA real estate market update as of April 2014 (area 450 on the map below).

Lacey residents take pride in their town!  The city sponsors many events throughout the year to promote a sense of community with events such as the Lacey Spring Fun Fair at Saint Martin’s campus, the Lacey farmer’s market in the summer, as well as the Mushroom Festival in July!

Nearly 20 percent of Lacey is made up of parks and green space, giving residents lots of places to walk, relax and enjoy a bit of nature.  But green space isn’t the only thing green about Lacey.  It is one of the few cities in the US to be an official EPA Green Power Community, for its commitment to green power use.

There is a mix of new construction and mid-century homes in Lacey, and most residents in the area are in the North Thurston School District.

Thurston County Map 

MARKET SNAPSHOT:

Lacey (Area 450) This Year Last Year + / – / =
Average Sales Price in Q1: $189,794 $198,153 Down
# of Homes Sold in Q1: 94 77 Great!
Absorption Rate for January (how long it takes the market to absorb the inventory): 2.0 months 2.7 months Seller’s Market
# of Homes Currently Listed: 97 (up from 76 this time last year)
Current Listed Home Price Range: $95,000 to  $559,950

Average home sale prices for Lacey are down slightly but still relatively stable.  This part of the county has remained stable even throughout the recession.  This area is desirable because of it’s proximity to JBLM and for it’s amenities for Lacey residents.

The number of homes sold for Lacey is doing great!  With the slight downturn in home prices, more buyers are willing and able to purchase.

The absorption rate is hot in Lacey!  With low inventory, demand for homes in this area and well-priced listings create a low absorption rate, which lends itself to a seller’s market. The average absorption rate for Thurston County is 5 months.

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.

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 an interest rate of 5% by the end of 2014 (which is still quite 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 Lacey WA homes for sale

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Visit my website to search Lacey 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 a Lacey 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 for the market update for East Lacey (area 451)

Click here for the market update for North Lacey, including Hawks Prairie (area 446)

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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