Olympia WA home prices for September 2013 real estate market report
Here is this month’s real estate market report for Olympia WA by Francine Viola, Realtor of Coldwell Banker Evergreen Olympic Realty.
Olympia WA Home Prices & Real Estate Market Report Highlights
Home prices in Olympia, WA and county-wide are rising. For the last few months, we are seeing a pattern of rising prices. This month, home sale prices in Olympia, WA and county-wide are up 2.6% from last year. (Last month, I reported sales were up 2.3%, so we are seeing incremental upward adjustment.)
So when are prices really going to go up? Pricing trends lag behind number of sales trends by 18-24 months. If we look at the number of sales, we saw consistent growth back in April 2011. Eighteen months from April 2011 turns out to be October 2013. We are right on the cusp of seeing home prices rise.
This chart shows the Annualized Number of Home Sales in Olympia and Thurston County. In April 2011, we can see this is when we bottomed out for the number of home sales and stabilized and started to climb upward.
What this means for Sellers
Buyers are coming back. As the months go on, we predict you’ll see greater returns. Buyers are coming back, and we are seeing the most activity for homes under $400,000 – however home sales under $400,000 make up 93% of Thurston County’s real estate market. Homes over $400,000 will have a longer recovery time, and it is typical for the higher end homes to take longer to sell in any market.
Short time on the market. Sellers who are pricing their homes in tune with the market have enjoyed a short time on the market – an average of 3 weeks! These sellers have had to be not as inconvenienced as other sellers, and reaped the benefits of getting stronger offers because their home wasn’t sitting on the market getting stale.
Now more than ever it is important to have a home that is neat and tidy, and staged, if needed. Read this article about the psychology behind having a clean and organized home when your home is on the market.
What this means for Buyers
The good news for you is that inventory levels have gone up, so you’ll have a few more choices. Sellers who have waited to sell are now beginning to list their homes.
The market is changing. Currently we are in a Balanced Market, which is good for both buyers and sellers, however the market is trending towards a seller’s market.
The bottom of the market has passed and now is the time you to make your move to catch the tail end of the fading buyer’s market. Brace yourselves for less negotiating room with sellers than in the past, and be prepared to cover your own closing costs.
Find Homes for Sale in Olympia WA
Visit my website to search for homes in Olympia WA or sign up and get notified when Olympia homes that meet your criteria come up on the market. This is a great service to have especially since inventory numbers are dropping. Be the first to know of a new listing!
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 (francine.viola@cbolympia.com) 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.
This post was originally published on Francine’s blog site, www.InTuneRealEstate.com. This site provides more information about buying and selling a home, neighborhood information as well past real estate market reports. You can also sign up to get my latest blog posts emailed directly to you.
Statistics not compiled or published by the Northwest Multiple Listing Service. Statistics compiled by Francine Viola and Coldwell Banker Evergreen Olympic Realty, Inc. from NWMLS data.