Here is the Lake Saint Clair / Pattison Lake / Sunwood Lake WA real estate market update for June 2014.
Why live here?
Southeast Thurston County features some beautiful lake front properties and communities such as Lake St. Clair, Pattison Lake, Kelly’s Corner and Sunwood Lake. Residents in this area can also get larger parcels for horses at Evergreen Valley, new construction, and late-century homes.
Lake Saint Clair / Pattison Lake / Sunwood Lake real estate market snapshot for the 2nd quarter 2014.
Average Sales Price for Q2 2014 is $233,232. This is down from last year at this time when the average sales price was $247,392.
Number of Home Sales is 22 vs. 29 last year at this time.
Months of Inventory is in a buyer’s market with 16 months of inventory. This is a dramatic change from last year where there were 5 months of inventory.
How fast are homes selling in the Lake Saint Clair, Sunwood Lake area? On average over the last six months, homes were on the market for 59 days.
What does this mean for Sellers?
More sellers are entering the market, which means more competition among sellers. Currently there are 65 homes listed for sale. Last year at this time there were 51 homes listed, so there is steady listing activity.
Sellers need to price appropriately. Right now the average list price is $281,637 with the average sales price of $233,232. In broad terms, sellers in this area are pricing too high, therefore there are not enough sales and buyers to keep up with the new listings being added. 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 Lake Saint Clair / Pattison Lake 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 Lake Saint Clair / Pattison Lake 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 (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.
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!