Here is the Rochester WA real estate market update for September 2014.
Why live in Rochester?
Rochester, WA is located in the southernmost part of Thurston County, and is best known for its Scandinavian heritage celebrations. Rochester is also the home to the Great Wolf Lodge and the Lucky Eagle Casino operated by the Confederated Tribes of the Chehalis Reservation.
Schools: Many residents of these towns are in the Rochester School District.
Homes: Rochester features farming parcels as well as vintage homes in the downtown area. Neighborhoods in Rochester include Applegate, Beaver Creek, Black River, Country Manor, Grand Mound, Independence and Littlerock. Search Rochester WA homes for sale.
Rochester WA real estate market snapshot for the third quarter 2014.
Average Sales Price for Q3 2014 is $192,347. This is up from last year at this time when the average sales price was $179,401.
Number of Home Sales is 53 vs. 34 last year at this time.
Months of Inventory is in a balanced market with 4 months of inventory. This is the same for last year at this time.
How fast are homes selling in Rochester? On average over the last six months, homes were on the market for 58 days, which is a great improvement from last quarter.
What does this mean for Sellers?
Sellers in Rochester are seeing returns. Currently there are 69 homes listed for sale. Last year at this time there were 81 homes listed, but homes are selling faster now than they were last year, reducing the inventory.
Sellers still need to price appropriately. Even though the Rochester market has seen a nice gain in 2014, sellers still need to price for the current market. Right now the average list price is $246,471 with the average sales price of $192,347. In broad terms, Rochester sellers are pricing high for the current market conditions.
Curious to know what your home is worth? Click here to learn more.
What does this mean for Buyers?
Don’t wait for a price reduction. If you find the perfect property but think it is over-priced, make an offer. Don’t wait to see if the seller will make a price reduction. If a seller
Pay attention to where interest rates are heading. Even though interest rates have remained low despite predictions, experts agree time is running out for buyers to take advantage of rates below 4%. Buyers will need to stay on top of where interest rates are heading.
Be prepared. Buyers need to be prepared financially to purchase a property. That means working with a quality local lender and getting pre-approved. Buyers also need to be prepared that a seller may not agree to pay a buyer’s closing costs.
Visit my website to search Rochester, WA homes for sale, or sign up and get notified when homes that meet your criteria come up on the market. Be the first to know of a new listing! Also click here to learn what NOT to do when buying a Rochester, WA home.
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 (email@example.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.
Local statistics compiled by Francine Viola from NWMLS data. Statistics not compiled or published by NWMLS (Northwest Multiple Listing Service).
Originally posted and written by Francine Viola at her blog site: www.InTuneRealEstate.com, where you can learn more about the real estate market in Thurston County and get tips and advice for a smooth real estate transaction!