Southeast Thurston County WA current real estate market update

Here is the Southeast Thurston County WA current real estate market update as of January 2014 (area 452 on the map below).

Southeast Thurston County features some beautiful lake front properties and communities such as Lake St. Clair, Pattison Lake and Sunwood Lake.  Residents in this area can also get larger parcels for horses, new construction, and late-century homes. Many residents are in the North Thurston School District and Yelm School District.

Thurston County Map 

MARKET SNAPSHOT:

Southeast Thurston County (Area 452) This Year Last Year + / – / =
Average Sales Price in 2013: $257,589 $254,909 Stable
# of Homes Sold in 2013: 96 93 Stable
Absorption Rate for January (how long it takes the market to absorb the inventory): 5.5 months 3.5 months Buyer’s Market
# of Homes Currently Listed: 43 (down by just 4 listings from last quarter)
Current Listed Home Price Range: $129,900 to  $650,000

Average home sale prices for Southeast Thurston County are holding steady.  This stability is part of the recovery process, and as other parts of the county are seeing, Southeast Thurston County is poised to see an increase in average home price.  Thurston County has also remained flat with an average home sales price of $232,310 in 2012 and $237,854 in 2013.  Thurston County’s average home price for January 2014 is $225,006.

The number of homes sold for Southeast Thurston County is also holding steady with minimal fluctuation, which is good to see (rather than a downward trend).

The absorption rate currently is skewed right now as a buyer’s market. However this area of Thurston County was in a seller’s market last year at this time.  This is a desired area for housing and I expect this area to be in a seller’s market later this year.  The average absorption rate for Thurston County is 5 months.

Market Timeline

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%.  Local lenders are predicting interest rates to be at 5% by the end of 2014.  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 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.

See all the homes currently listed for sale in 452 Southeast Thurston County.

If now is the time for you to make your next move, contact me today!

ALL homes for sale in the NWMLS

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!

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

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