The trends are positive for Thurston County! Here is the Thurston County WA real estate market update for January 2015.
Thinking about selling? You can!
In 2005 and 2006, the Thurston County real estate market was saturated with new construction that was meant to supply the demand in 2003 and 2004. This overhang of supply coupled with a significant percentage of distressed sales (short-sales and foreclosures) reaching 34% of the market, caused an oversupply that would persist for the next five years.
With the increasing supply and no demand, homeowners put their plans of selling on hold. Historically, the typical seller remained in their home for 6 years; this year, sellers had been in their homes for 10 years—four years longer than historic norms. All of this led to pent-up demand, which is now unleashing.
Unleash the Sellers!
Sellers are now, finally, able to see returns.
The conditions for sellers are excellent:
- Low interest rates
- Low inventory
- Strongest buyer activity since 2006
- Market confidence is returning
- Decrease in the foreclosure rate
Average Total Gains During Ownership
2014 Thurston County Home Sales (grouped by length of ownership); non-distressed sales only and excludes homes with significant remodeling.
This chart continues to improve. ON AVERAGE, if you purchased your home between 2005 to 2009, the market hasn’t yet corrected enough to bring a return, but buyers who purchased just two years ago have seen an 11% gain.
Don’t wait for the spring and summer markets to list your home
Sellers who are considering selling shouldn’t wait for the typical spring and summer months this year. Right now we are in a situation where we have very low inventory. Buyers are anxious to buy but they have no choices right now.
If you are considering making a move this year, call me today!
To see what’s happening in your neighborhood, click here and select your neighborhood.
Statistics not compiled or published by the Northwest Multiple Listing Service. Statistics compiled by Francine Viola from NWMLS data.
Originally posted and written by Francine Viola at her blog site, www.InTuneRealEstate.com where you can learn more about the real estate market and get tips and advice for a smooth real estate transaction!