What’s new for the Olympia, WA Real Estate Market for May 2012? – A lot of good news!
The major Olympia real estate highlights in May include:
9 consecutive months of price stability. This is the longest period of stability we have seen over the last couple of decades. The average home price has fluctuated minimally around the current average price of $233,789. We hope this signals that the Olympia, WA real estate market will begin to improve.
7 consecutive months of increased pending home sales. Buyers are out there – and they are making offers that are getting accepted by sellers. Pending sales are up 14% from last year at this same time.
6 of the past 9 months have seen gains in number of closed sales. With the decrease in short-sales and other distressed sales, we’ve seen higher numbers in closed sales.
Foreclosure filings are down
We are at the lowest point in two and a half years for distressed sales to total sales. We’ve cut the number nearly in half to 16 filings per week, as compared to 30 filings per week from our peak.
The Olympia real estate market is heading into summer in a balanced market – the first time since 2007. A balanced market for Olympia is 4-6 months of supply.
Inventory of homes for sale in Olympia is low. Supply and demand are balancing out – the fewer homes for sale, the more in demand homes are and home prices will increase. Our current inventory for Thurston County is 1,282 homes for sale. Our “hot” market had less than 800 homes for sale and our over-saturated market had over 2,300 homes for sale.
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.
What’s to do in the coming months? Check out The Olympian’s Summer Event Guide 2012.
(All data compiled from the Northwest Multiple Listing Service. Data is deemed accurate but not guaranteed.)
If you’d like more information about how the Olympia, WA real estate market for May 2012 can affect you in your home purchase or home sale, call me today. And be sure to visit my website to check out the current homes for sale.