Here is this month’s real estate market report for Olympia WA in Thurston County by Francine Viola, Realtor of Coldwell Banker Evergreen Olympic Realty.
Olympia WA home prices and real estate market activity for May 2013
May 2013 Olympia WA Home Prices & Real Estate Report Summary
Pending home sales are 26% higher than just a year ago. This means that more buyers and sellers are coming to agreement. In other words, buyers are making offers sellers are accepting.
Closed homes sales are up 28% over May 2012. This is the more important number showing successful home sales coming to completion.
Homes prices in Thurston County rose slightly. The current average home price is $233,303.
Absorption rates are continuing to improve. Absorption rate is a wider view of the market that looks at the number of buyers and homes for sale, and how quickly homes are selling. Low absorption rates indicate a seller’s market, and many segments of the market are seeing this shift from a buyer’s market to a seller’s market.
In summary, buyers who purchase in 2013 will be very happy they acted now instead of next year. They still will have a lower priced home and borrowing at ridiculously low interest rates. With prices just now poised to rise, buyers acting now are getting in at a good time. Sellers who are looking for a better home are also poised to take advantage of the improving market.
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To find out what your home is worth in the current Olympia real estate market, email or call me today at (360) 359-0689.