Here is the North Olympia WA current real estate market update as of January 2014 (area 447 on the map below).
North Olympia beckons home-dwellers who are inspired by vintage homes, some of which are on the Historic Registry. This area includes the Capitol area, downtown Olympia and East Olympia hill. Homes in this area range from the majestic homes of Olympia’s original pioneers to the more modest homes built for the pioneering sawmill and port workers. Some homes offer water and Capitol views, and many residents enjoy being able to walk to the Capitol, downtown Olympia and the waterfront. Many residents in this area are in the Olympia School District and North Thurston School District.
|Olympia (Area 447)||This Year||Last Year||+ / – / =|
|Average Sales Price in 2013:||$220,324||$213,847||Good!|
|# of Homes Sold in 2013:||153||116||Good!|
|Absorption Rate in January (how long it takes the market to absorb the inventory):||2.6 months||3.9 months||Seller’s Market|
|# of Homes Currently Listed:||36 (nearly half from what was for sale last yr)|
|Current Listed Home Price Range:||$99,950 to $1,600,000|
Average home prices for North Olympia are up at 3% from last year at this time. Thurston County overall has seen incremental home sales price increases (2.4% from last year). Thurston County’s average home price is currently $225,006.
The number of homes sold for North Olympia has also seen a healthy gain. This is a combination effect of sellers pricing appropriately for the market, fewer short sales that take months to close, and more buyers entering the market who are ready, willing and able to purchase.
The absorption rate has improved from last year and is in a seller’s market. The average absorption rate for Thurston County is 5 months, and North Olympia is in line with the county’s average.
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%. Lenders are anticipating rates to be 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 your next move, contact me today!
Originally posted and written by Francine Viola at www.InTuneRealEstate.com, her blog site where you can learn more about the real estate market in Thurston County and get tips and advice for a smooth real estate transaction!