Here is the West Olympia WA current real estate market update as of April 2014 (area 444 on the map below).
West Olympians love their part of town! There is The Evergreen State College and South Puget Sound Community College, Capitol Medical Center and the shopping mall to name a few amenities. West Olympia offers some residents with desirable inlet water views, new construction and vintage homes. Many residents are in the Olympia School District.
|West Olympia (Area 444)||This Year||Last Year||+ / – / =|
|Average Sales Price in Q1:||$253,095||$252,213||Stable|
|# of Homes Sold in Q1:||62||52||Good!|
|Absorption Rate in April (how long it takes the market to absorb the inventory):||4.8 months||6.2 months||Balanced Market|
|# of Homes Currently Listed:||130 (114 last year at this time)|
|Current Listed Home Price Range:||$87,650 to $1,200,000|
Average home prices for West Olympia are steady and stable compared to last year at this time. Slow and steady wins the race! The real estate market for West Olympia is remaining healthy and is poised to take off in the coming months.
The number of homes sold is great to see! Buyers are coming back and sellers are pricing appropriately and accordingly with the market.
Along with the increase in the number of homes sold is a solid absorption rate. Thurston County is seeing more areas that are balanced and moving towards a seller’s market. The average absorption rate for Thurston County is 5 months.
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%. Lenders are predicting interest rates at 5% by the end of 2014.
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 West Olympia, 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 West Olympia, 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!