Here is the Tenino / Bucoda current real estate market update as of January 2014 (area 454 on the map below).
Tenino is located Southeast of Olympia off of Old Highway 99. There is some dispute how Tenino got its name; some say it is from a Native American word meaning “junction” or “meeting place;” others say it was named after the railroad engine numbered “10-9-0.”
Bucoda is just south of Tenino. Bucoda’s name is clearly documented. It was named after three men in the town’s mining business: James Buckley, Samuel Coulter and John David. Bucoda was the location of the territory’s penitentiary in the late 1800s. In 1887, the penitentiary was relocated to Walla Walla, WA.
|Tenino/Bucoda (Area 454)||This Year||Last Year||+ / – / =|
|Average Sales Price in 2013:||$186,089||$200,665||Down|
|# of Homes Sold in 2013:||160||134||Good!|
|Absorption Rate for January (how long it takes the market to absorb the inventory):||4.5 months||6.1 months||Balanced Market|
|# of Homes Currently Listed:||65 (fewer homes for sale now than last quarter)|
|Current Listed Home Price Range:||$39,900 to $899,950|
Average home sales prices for Tenino / Bucoda have slipped a little from last year however this area of Thurston County is still in the recovery process. Thurston County remained flat with an average home sales price of $232,310 in 2012 and $237,854 in 2013. Thurston County’s average home sales price for January 2014 is $225,006.
The number of homes sold for Tenino / Bucoda saw a nice improvement. Sellers are pricing better and more buyers are in the market, ready and able to buy. The number of homes sold is up 19.4%! Wow!
The absorption rate is a balanced market and an improvement over last year. 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%. Local lenders are predicting interest rates to be a 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.
If now is the time for you to make your next move, contact me today!
Originally posted and written by Francine Viola at: 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!