South Olympia WA real estate market update for June 2014

Here is the South Olympia WA real estate market update for June 2014.

Why live in South Olympia?

South Olympia is considered a desirable part of Thurston County by its residents.

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, while the Carlyon neighborhood offers a mix of mid-century and older vintage homes.

Schools:  Many residents covet the Olympia School District, especially Olympia High School.  There are residents in this area who belong to the Tumwater School District.

Types of homes: South Olympia offers a mix of new construction, mid-century as well as vintage homes.  Search South Olympia homes for sale.

 

South Olympia real estate market snap-shop for the second quarter 2014.

Average Sales Price for Q2 2014 is $268,517.  This is up from last year at this time when the average sales price was $261,012.

Number of Home Sales is 71 vs. 84 last year at this time.

Months of Inventory is 4 months in a balanced market.  Last year, there were fewer homes listed for sale and therefore the months of inventory was down to 2 month.

How fast are homes selling in South Olympia?  On average over the last six months, homes were on the market for 83 days.

What does this mean for Sellers?

Sellers in South Olympia are confident in listing their homes for sale.  Currently there are 96 homes listed for sale.  Last year at this time there were 83 homes listed, so there is steady listing activity.

In looking at the bigger picture, sellers in South Olympia are pricing well.  The average list price is $276,412 with the average sales price of $268,517.

Curious to know what your home is worth?  Click here to learn more.

What does this mean for Buyers?

Buyers looking to buy in South Olympia will need to act and act fast when they find the right home.  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 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.

 

 Find homes for sale in South Olympia, WA.

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 (francine.viola@cbolympia.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.

Click here to see the market updates for West Olympia, WA.

Click here to see the market updates for Boston Harbor, WA.

Click here to see the market updates for North Olympia, WA.

Click here to see the market updates for East Olympia, WA. 

Click here to see the market updates for other areas of Thurston County.

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!

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