Here is the Summit Lake / Steamboat Island WA (Northwest Thurston County) current real estate market update as of April 2014 (area 441 on the map below).
Northwest Thurston County not only features the major areas of Summit Lake and Steamboat Island but also Carlyon Beach and other beach communities. Some of the residents in this area enjoy water views, lake and inlet front properties, horse properties, private lots yet have good freeway access to Olympia. The school district is Griffin School District.
|Northwest Thurston County (Area 441)||This Year||Last Year||+ / – / =|
|Average Sales Price in Q1:||$222,508||$269,153||Down|
|# of Homes Sold in Q1:||15||17||Stable|
|Absorption Rate in April (how long it takes the market to absorb the inventory):||7.2 months||9.0 months||Buyer’s Market|
|# of Homes Currently Listed:||47 (57 last year at this time)|
|Current Listed Home Price Range:||$64,790 to $1,665,000|
Northwest Thurston County’s average home sales prices have fluctuated downward but have stabilized over the last couple of years. Because of the wide range of housing options available in this area (homes inland to mansions on the waterfront), the average sales prices will vary.
The number of homes sold is stable, and is good to see. Buyers are coming back and sellers are pricing appropriately, according to the market.
The absorption rate is continuing to improve, which is always a good trend. Thurston County is seeing more areas that are balanced and moving towards a seller’s market. Northwest Thurston County has seen tremendous recovery over the last two years. Three years ago, this area’s absorption rate was 22 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 of 5% by the end of 2014.
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 Summit Lake, Steamboat Island, 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 Summit Lake / Steamboat Island, 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!