Here is the North Olympia WA real estate market update for September 2014.
Why live in North Olympia?
North Olympia beckons home-dwellers who are inspired by vintage homes, some of which are on the Historic Registry. This area includes the Capitol Campus, downtown Olympia, Bigelow, East Bay 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.
Types of homes: Vintage! Search North Olympia homes for sale.
North Olympia real estate market snapshot for the third quarter 2014:
Average Sales Price for Q3 2014 is $215,016. This is up from last year at this time when the average sales price was $205,296.
Number of Home Sales is 63 vs. 33 last year at this time.
Months of Inventory has remained in a seller’s market at 3 months of inventory now and was 6 months for last year at this time.
How fast are homes selling in North Olympia? On average, homes were on the market for 70 days.
From third quarter last year to this year’s third quarter, the North Olympia area has excellent gains in all categories.
What does this mean for Sellers?
Sellers in North Olympia have confidence to list AND sell, especially being in a seller’s market. Currently there are 56 homes listed for sale. Last year at this time there were 57 homes listed, so there is steady listing activity.
Sellers have confidence that when they list their home for sale, it will sell and for a return. For 2014 year-to-date, the average sales price has soared as seen in the adjacent chart.
Sellers still need to price appropriately. Right now the average list price is $260,752 with the average sales price of $215,016. In broad terms, sellers in North Olympia are pricing a little high. But even in the hottest market, overpriced homes did not sell.
Curious to know what your home is worth? Click here to learn more.
What does this mean for Buyers?
Buyers looking to buy in North Olympia shouldn’t wait for a price reduction. When buyers find the right home that might be priced a little above their budget, they should make an offer. Don’t wait for the seller to do a price reduction, otherwise you may find yourself competing with other buyers who have been watching the listing.
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 in the 4% range. 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 North Olympia, 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 North Olympia, 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!