Here is the Tumwater WA real estate market update for June 2015.
Why live in Tumwater?
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.
Residents, especially on Tumwater Hill, enjoy sweeping views of Mount Rainier and even Mt. St. Helens on a clear day, and views of the Capitol. Plus they have a very quick commute to the freeway, usually less than 5 minutes and they are close to the shopping mall in West Olympia.
Schools: Most residents are in the Tumwater School District.
What kind of homes: Tumwater offers a mix of new construction, condos/townhomes and vintage homes. Neighborhoods in Tumwater include Black Lake, Bush Prairie, Goldcreek and Tumwater Hill.
Tumwater 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 2 months of inventory, Tumwater is in a hot sellers’ market. (A sellers’ market is 0-3 months of inventory.) And it’s no wonder – Tumwater is a great location for commuting, amenities, schools, mountain views, and recreational activities.
The number of homes for sale is at a steady clip. What new listings are added, buyers are snapping up those listings that are priced right. (Overpriced listings will still sit on the market, untouched by buyers, no matter the 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!