Here is the South Olympia WA current real estate market update as of January 2014 (area 448 on the map below).
South Olympia is considered a desirable part of Thurston County by its residents. Many residents covet the Olympia School District, especially Olympia High School. There are residents in this area who belong to the Tumwater School District. South Olympians have lots of sidewalks and biking paths, and many enjoy the amenities of the YMCA, which has an indoor swimming pool. South Olympia offers a mix of new construction, mid-century as well as vintage homes.
|Olympia South (Area 448)||This Year||Last Year||+ / – / =|
|Average Sales Price in 2013:||$258,060||$251,726||Stable|
|# of Homes Sold in 2013:||284||256||Good!|
|Absorption Rate for January (how long it takes the market to absorb the inventory):||3.2 months||3.0 months||Seller’s Market|
|# of Homes Currently Listed:||84 (down slightly from last quarter)|
|Current Listed Home Price Range:||$16,000 to $525,000|
Average home sale prices for South Olympia are up slightly – just over 2% – from last year at this time. This area is in line with what Thurston County has experienced. Thurston County overall has seen incremental home sales price increases (2.3% from last year). Thurston County’s average home price is currently $225,006, below the average sales price of South Olympia.
The number of homes sold is great to see! Buyers are coming back and sellers are pricing appropriately and accordingly with the market. South Olympia continues to be a strong draw for buyers.
Along with the increase in the number of homes sold is a solid absorption rate. It has taken years for any part of the county to see a seller’s market. The average absorption rate for Thurston County is 5 months.
WHAT DOES THIS MEAN FOR SELLERS?
The bottom has hit and we are moving passed the lowest point of the market. This doesn’t mean prices will skyrocket upward. The market still has many months of recovery but the downward spiral has stopped. South Olympia has recovered faster than other parts of the county.
Sellers still need to price appropriately with the market. No matter if it’s a “hot” seller’s market or a slow buyer’s market, sellers still need to price right according to the conditions of the market in order to have a successful sale.
Less inventory. This is good for sellers as there is less for buyers to choose, and we have seen multiple offer situations with several buyers competing for the same property.
Overall, it’s been a long time coming, but the market has improved enough for many sellers to consider their next move.
WHAT DOES THIS MEAN FOR BUYERS?
Buyers need to act – no more fence-sitting. The luxury of waiting and watching the market are over for buyers. With less inventory and more buyers entering the market, buyers may find themselves competing for a property.
Pay attention to where interest rates are heading. Even though interest rates below 6% are considered very low, many buyers over the last five years have enjoyed rates at half that – 3% to 4%. Lenders are anticipating interest rates to be at 5% by the end of 2014 (which is still a very good rate!).
Be prepared. Buyers need to be prepared financially to purchase a property. That means working with a quality local lender and getting pre-approved so that you are ready to make an offer when you find the right house. Secondly, buyers need to be prepared that a seller may not agree to pay a buyer’s closing costs.
If now is the time for your next move, contact me today!
Originally posted and written by Francine Viola at www.InTuneRealEstate.com where you can learn more about Thurston County, the real estate process and other fun stuff!