Here is the South Olympia WA real estate market update as of April 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. Ward Lake and Chambers Lake offer lakefront homes, and water activities.
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 Q1:||$249,177||$252,704||Stable|
|# of Homes Sold in Q1:||58||71||Down|
|Absorption Rate for April (how long it takes the market to absorb the inventory):||3.5 months||2.2 months||Seller’s Market|
|# of Homes Currently Listed:||69 (57 last year at this time)|
|Current Listed Home Price Range:||$119,900 to $1,025,000|
Average home sale prices for South Olympia have remained steady and stable from last year at this time. This area is in line with what Thurston County has experienced over the last 10 months. Thurston County overall has seen incremental home sales price increases (2.3% from last year). Thurston County’s average home price is currently $238,310, below the average sales price of South Olympia.
The number of homes sold could be a better number, however more sellers are entering the market. South Olympia, with its amenities, continues to be a strong draw for buyers.
Along with the increase in the number of homes sold is a solid absorption rate. Although it has experienced a slight uptick, this area is still in a seller’s market. 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.
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.
Visit my website to search South Olympia, 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 South Olympia, 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!