Here is the Tumwater WA current real estate market update as of April 2014 (area 443 on the map below).
Tumwater is a great middle point for Olympia and Lewis County employment centers with easy access to I-5. Tumwater is close to many State and Federal buildings, the Olympia Airport, parks, and shopping centers.
Tumwater is probably most famous for being the home of the Olympia Brewery, which claimed it was the water that made its beer so good. Although the brewery closed in 2003, the Old Brewery still stands along the Deschutes River. You can walk along the river and enjoy the Tumwater Falls in the heart of the city.
Most residents are in the Tumwater School District. Tumwater offers a mix of new construction, condos/townhomes and vintage homes.
|Tumwater (Area 443)||This Year||Last Year||+ / – / =|
|Average Sales Price in Q1:||$255,226||$223,783||Good!|
|# of Homes Sold in Q1:||54||71||Down|
|Absorption Rate in April (how long it takes the market to absorb the inventory):||4.1 months||4.1 months||Balanced Market|
|# of Homes Currently Listed:||107 (same from this time last year)|
|Current Listed Home Price Range:||$10,900 to $599,999|
Average home prices for Tumwater are up 12.3% from last year at this time. This area has seen very good growth from 2012 to 2013. Thurston County overall has seen incremental home sales price increases (2.4% last year). Thurston County’s average home price is currently $238,310.
The number of homes sold is down however the home prices are up.
The absorption rate is just on the cusp of being in a seller’s market, and has remained steady and stable from this same time last year.
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. Tumwater has remained steady over the last few years.
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 predicting interest rates at 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.
Visit my website to search Tumwater, 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 Tumwater, 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 (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!