Here is the Tumwater WA real estate market update for September 2014.
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. Search Tumwater homes for sale.
Tumwater Real Estate Market Snapshot for the third quarter 2014
Average Sales Price for Q3 2014 is $253,142. This is a nice increase from last year at this time when the average sales price was $239,332!
Number of Home Sales is 82 vs. 97 last year at this time.
Months of Inventory has remained in a balanced market at 4 months of inventory now and was 5 months for last year at this time.
How fast are homes selling in Tumwater? On average, homes were on the market for 61 days, which is a good pace. In the hottest of markets, homes were taking about 30 days to sell.
What does this mean for Sellers?
Sellers in Tumwater are seeing they can sell now. Currently there are 149 homes listed for sale. Last year at this time there were 130 homes listed, so there is steady listing activity.
Sellers have confidence that when they list their home for sale, it will sell and for a return.
Sellers still need to price appropriately. Right now the average list price is $278,731 with the average sales price of $253,142. In broad terms, sellers in Tumwater are pricing a little high as there is about a 9.2% difference between the list and the sales price. But even in the hottest market, overpriced homes did not sell.
Curious to know what your home is worth? Click here to learn more.
What does this mean for Buyers?
Buyers can find deals in Tumwater. Right now, there is good inventory in Tumwater and on average, some of these listings are priced high. But if you see a property that matches your criteria, don’t wait for the seller to do a price reduction. With a smart strategy and a negotiation plan in tact, buyers could get a great house at a great price.
Pay attention to where interest rates are heading. Even though interest rates have remained low despite predictions, experts agree time is running out for buyers to take advantage of rates below 4%. 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. Buyers also 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!