Mid-April 2012 Real Estate Market Update for Olympia, WA
Along with the spring flowers, the South Sound real estate market is also perking up. Here are three strong trends we are seeing this first part of 2012.
1. Pending sales are at multi-year highs
Through the first quarter, pending home sales are up a robust 12.4% since last year. In 2010, pending sales were up due to the federal tax credit incentives to first-time home buyers. We track pending sales to see that there are buyers out there, and sellers are accepting their offers.
2. Active inventory is at a 6-year low
Another sign of growing health in the market is the number of homes for sale. We have to look back at February 2006 to find a supply this low. With 1,248 homes for sale, the standing inventory is now just half of what it was when the market started to drop.
3. Prices have stabilized over the past 8 months
The market’s average sales price has held steady since August of last year. Quite a number of homes that failed to sell a year ago have sold this year without further price adjustment. Heading into the busy summer selling season, we anticipate that the market will continue to trend towards a better balanced and healthier market. We have not seen a balance like this in more than a decade.
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 activities:
Olympia’s downtown has dozens of locally owned shops, and be sure to visit the Olympia Farmer’s Market. It’s on the waterfront at the end of Capitol Way. Enjoy fresh produce, a bite to eat and if you are lucky, live entertainment, from Thursdays to Sundays, April to October; and on the weekends in November and December. The west side of Olympia is where you’ll find the Westfield Capital mall with lots of national chain stores, restaurants and a movie theater.
Olympia alone has 40 city parks. You don’t want to miss the waterfront at Percival Landing. You can also enjoy a beach hike at Priest Point Park or for a more relaxing time, enjoy a latte in downtown Olympia at Sylvester Park. In Lacey, you should be sure to visit the new 67-acre Regional Athletic Complex at Marvin and Steilacoom roads. There are 6 soccer fields, a lighted full-size baseball field, 4 baseball/softball fields and a community park. In Tumwater, stroll along the Deschutes River at the Tumwater Falls Park and see the historic brick brewhouse.
There are also lots of golf courses in Thurston County from private to public courses, at all levels of difficulty. You’ll enjoy the extensive bicycle trails and lanes throughout the county; and don’t forget to take a tour of the Capitol Campus.
You are sure to find a live theater performance at Harlequin Productions at the State Theater, Capitol Playhouse and the Washington Center for the Performing Arts. And you can catch an indie flick presented by the Olympia Film Society at the historic Capitol Theater.
(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.