Olympia WA Real Estate Market Update for October 2012

Olympia WA Real Estate Market for October 2012

Here is this month’s real estate market report for Olympia WA in Thurston County by Francine Viola of Coldwell Banker Evergreen Olympic Realty.

Olympia Real Estate MarketCapitol Campus WWII Memorial Olympia WA
As I’ve been reporting, the Olympia real estate market has stabilized and is beginning to show measurable signs of improvement. Here are the top three indicators of an improving market:

Closed sales in October 2012 were up 21% over October 2011.
This is the second best year-over-year gain in the number of home sales we’ve seen in the last 2 ½ years. This October saw 291 home sales; last October had 241 sales. The best gain was August 2012 v. August 2011 where it was 28%.

Pending sales continue to gain steam.
Pending sales are also important to measure; this shows that there are buyers out there making offers that sellers are accepting. This month, our pending sales came up strong – up 13.5% from last October.

Active inventory continues to dwindle.
Seasonally, we expect the highest inventory numbers of homes for sale in the summer months and less inventory in the winter months. However this year, our summer inventory numbers were down 25%, which has caused a further decrease in homes for sale in Olympia now. Last year at this time, we had 1,559 homes for sale. This year, the number of homes for sale is down to 1,159.

The combination of these 3 elements keeps the Olympia real estate market solidly in a balanced market as we head into the winter. It seems that more buyers this holiday season are thinking of putting a new home under the tree!

Olympia Average Sales Price October 2012 chart

Olympia Real Estate Report Summary
The average sales price in October in Olympia is $233,032. For the last 12 months, the average sales price has stabilized at around this number and has only fluctuated 0.05% to 1%.

Average Days On Market in October in Olympia (for homes priced right) is 33 days. For listings that needed a price reduction, the average days on market was 210 days. What this tells sellers is to price the home according to the market conditions. Sellers who priced right not only realized a sale, on average, in 33 days but also sold at, on average, 97.3% of their list price. The sellers who had to reduce their listing prices saw lesser gains of 82.5% of their original list price.

Find Homes for Sale in Olympia WA
Visit my website to search homes for sale 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!
To find out what your home is worth in the current Olympia real estate market, email me or call me today at (360) 359-0689.


Comments are closed.