Here is the North Lacey / Hawks Prairie WA current real estate market update as of January 2014 (area 446 on the map below).
North Lacey is a fast-developing part of the county, with lots of residential and commercial new construction, the completion of Cabella’s, and other major retailers coming soon. This area is preferred for northward I-5 commuters as one of the northern-most I-5 exit 111 in Thurston County is easily accessed here. North Lacey offers lots to do with several golf courses (one interspersed between Jubilee, a high-end 55+ community), Tolmie State Park, the Nisqually National Wildlife Refuge and the newer Regional Athletic Complex with soccer and baseball fields. Most residents are in the North Thurston School District. North Lacey offers lots of new construction, waterfront properties, and mid-century homes.
|Hawks Prairie (Area 446)||This Year||Last Year||+ / – / =|
|Average Sales Price in 2013:||$286,883||$270,705||Good!|
|# of Homes Sold in 2013:||292||249||Good!|
|Absorption Rate in January (how long it takes the market to absorb the inventory):||3.2 months||3.8 months||Seller’s Market|
|# of Homes Currently Listed:||105 (same as last year)|
|Current Listed Home Price Range:||$11,500 to $4,500,000|
Average home prices for North Lacey / Hawks Prairie are up about 6% (!) from last year at this time. Thurston County overall has seen incremental home sales price increases (2.4% last year). Thurston County’s average home price is currently $225,006.
The number of homes sold for North Lacey has also gone up – partly due to the new construction sales (with more new construction plats that will be available in 2014). This area of the county has been the only area to have weathered the recession due to its location to I-5, amenities, Jubilee and continued new construction plats.
The absorption rate has continued to improve to a seller’s market. Buyers are not finding many choices in this area with low inventory, and are finding themselves competing for the same property. The average absorption rate for Thurston County is 5 months.
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 in North Lacey / Hawks Prairie will continue to do well due to the buyer demand for homes in this area.
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%. Lenders are predicting interest rates to be at 5% by the end of 2014. 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.
If now is the time for you to make a move, contact me today!
Originally posted and written by Francine Viola at www.InTuneRealEstate.com, her blog site where you can get more information about the local real estate market and tips and advice for a smooth real estate transaction.