Tenino / Bucoda WA real estate market update April 2014

Here is the Tenino / Bucoda WA current real estate market update as of April 2014 (area 454 on the map below).

Tenino WA 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 WA 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.

Both towns feature farming parcels as well as vintage homes in the downtown areas.  Many residents of these towns are in the Tenino School District and Centralia School District.

Thurston County Map 

MAP OF TENINO:

MAP OF BUCODA:

MARKET SNAPSHOT:

Tenino/Bucoda (Area 454) This Year Last Year + / – / =
Average Sales Price in Q1: $203,615 $164,227 Good!
# of Homes Sold in Q1: 33 26 Good!
Absorption Rate for April (how long it takes the market to absorb the inventory): 4.8 months 6.8 months Balanced Market
# of Homes Currently Listed: 68 (75 last year at this time)
Current Listed Home Price Range: $46,000 to $889,900

Average home sales prices for Tenino / Bucoda have made a good come back from last year at this same time!  Tenino and Bucoda has a wide variety of homes, which also explains the price differences.  There are small homes in town and homes on farm acreages, so this area is expected to see differences in average home sale prices.

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 21.2%!  Wow!

The absorption rate is a balanced market and an improvement over last 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 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.

Find homes for sale in Tenino / Bucoda.

Visit my website to search Tenino and Bucoda, 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 Tenino or Bucoda, 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 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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