March 2012 Real Estate Market Update for Olympia, WA
The first quarter of the real estate market in Olympia, WA and in Thurston County has our inventory levels at a 6-year low with currently 1,248 homes for sale. This means there is more competition amongst buyers. In comparison, a hot seller’s market yielded about 600 homes for sale, but between 2007 and 2011, there were on average 2,000 listings.
The basic effects of supply and demand are working, and in looking at the last six years, this is the best time to sell your home.
The average sales price for Thurston County is at $234,012. Since August 2011, our average home price has hovered and stabilized at this average price. This could be an indicator that this area has “hit bottom” as far as this is the lowest home prices will be and that a slight uptick in home prices are to come. This is a bold prediction however with several months of positive job growth, it boosts consumer confidence and potential buyers are becoming home owners.
Foreclosure activity has consistently gone down. This year, we are averaging 16 foreclosure filings a week compared to 30 per week just two years ago. We certainly hope this trend will continue however some economists do predict a short-term jump in foreclosure filings due to bank settlements over “robo signing.” This settlement could lead to a temporary increase of new foreclosure filings, which could induce a short-term decrease in home prices.
About Olympia, WA
Olympia is Washington State’s capitol city, and is located in Western Washington at the southern point of Puget Sound. One of the best features of living in Olympia is its centric location to the Pacific Ocean, two metropolis cities (Seattle & Portland, Oregon), and the Olympic and Cascade Mountain ranges, which include the Olympic Rain Forest, Mt. Rainier, and Mt. St. Helens.
The Olympia-Tumwater-Lacey cities of Thurston County offer a rich diversity of outdoor activities from hiking to kayaking to bicycling; a vibrant arts and entertainment scene with world-renown productions visiting the Washington Center for the Performing Arts; a waterfront lifestyle from tug boat races to pier fishing; lots of choices for “retail therapy,” including many independent shops as well as the national chains; and so much more.
(All data compiled from the Northwest Multiple Listing Service. Data is deemed accurate but not guaranteed.)
Interested in living in Olympia, WA or other cities in Thurston County? Call me today to find your next home. In the meantime, visit my website to check out the current homes for sale.