Here is the Summit Lake / Steamboat Island WA real estate market update for June 2015.
Why live in Summit Lake / Steamboat Island areas?
Northwest Thurston County not only features the major areas of Summit Lake and Steamboat Island but also Carlyon Beach, Gravelly Beach, Hunter Point, Madrona Beach, and Oyster Bay.
For water views and beach access on a budget (at least less expensive than West Olympia!), you’ll want to check out the Northwest section of Thurston County. People may look at a map and think it is too far from Olympia, and that’s just not the case. You can get into town in about 10-15 minutes yet you feel far and isolated.
Home buyers can not only find beach properties but also horse properties in this area of Thurston County. Mini-farms are sprinkled throughout, and residents raise animals such as horses, cows, sheep, goats and alpacas to name a few!
Take Steamboat Island Road NW out to the very end, and you’ll find Carlyon Beach. Cross the bridge and you’ll be on Steamboat Island. Steamboat Island has approximately 60 homes.
Schools: The school district is Griffin School District.
Types of homes: Most homes are established with very little new construction. Mobile homes and single family home are predominate with some having water views and/or acreage for larger animals.
Summit Lake / Steamboat Island WA real estate market snapshot
Sales Prices continue to rise at a steady pace over the last two years. This is due to several factors including continued low interest rates, low inventory, and strong buyer activity. Buyers are back in the market and ready and able to buy.
With 3 months of inventory, the Summit Lake / Steamboat Island area sellers have less competition in attracting buyers. (A sellers’ market is 0-3 months of inventory.) This is a huge improvement when several years ago, the inventory levels were over 24 months!
The number of homes listed for sale is down but that is good for sellers. But the market is adding new listings and buyers are taking action and buying well-priced homes. (Overpriced listings will still sit on the market, untouched by buyers, even in a seller’s market.)
What does all this mean?
Because sales prices have increased and the market has willing and able buyers, the market is seeing fewer distressed properties (short-sales, bank-owned homes, and foreclosures), which has helped heal the market. This has led to two years of solid home sales and home prices.
Buyers are still enjoying historically low interest rates, even when it was predicted interest rates were going to rise by the end of 2014. That prediction didn’t materialize, and buyers still have time to lock in to a great rate. Current rates are at about 4% with VA and FHA buyers enjoying even lower rates.
Sellers who have been waiting to sell, can now be confident they CAN sell and in some cases, see a profit.
Sellers who purchased in 2005-2009 (the height of sales prices) are still waiting to see gains on average. The market has not yet recovered fully to recoup the fall of the market during those years. (To emphasize, these are county-wide averages.)
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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 (firstname.lastname@example.org) 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!