Here is the West Olympia WA real estate market update for June 2014.
Why live in West Olympia?
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. The main north-south road, Cooper Point Road NW, leads to the homes with water views of either Eld Inlet to the west or Budd Inlet to the east.
Investors can find opportunities with rental properties near The Evergreen State College while longtime, homesteaders can find their dream home in West Olympia.
Schools: Many residents are in the Olympia School District.
Types of homes: West Olympia offers some residents with desirable inlet water views, new construction and vintage homes. Neighborhoods in West Olympia include Aspinwall, Cooper Point, Olympia Country Club, Green Cove, and Ken Lake. Search West Olympia homes for sale.
West Olympia Real Estate Market Snapshot for the second quarter 2014.
Average Sales Price for Q2 2014 is $322,649. Last year at this time, the average sales price was $266,827, however the few number of homes that sold skew this perception as well as the great price differences in this area with million dollar mansions to the small mid-century homes closer to town.
Number of Home Sales is 71 vs. 86 last year at this time.
Months of Inventory has remained in a balanced market of 6 months of inventory.
How fast are homes selling in West Olympia? On average over the last six months, homes were on the market for 85 days.
What does this mean for Sellers?
Sellers are more confident now than in the last five years to know that if they list their home, they can achieve a sale and a return. Right now there are 151 homes listed for sale. Last year at this time, there were 134 homes listed for sale.
Even though there are more homes listed for sale, the market is absorbing that inventory, and has remained in a balanced market.
Curious to know what your home is worth? Click here to learn more.
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. Rates are still historically low and can boost buying power but these low rates cannot last forever. Buyers should take advantage now before the end of the year when experts predict a rate increase.
Be prepared. Buyers need to be prepared financially to purchase a property. Working with a quality local lender and getting pre-approved before submitting an offer are a must as buyers might find themselves competing with another buyer for the same house. Buyers also need to be prepared that a seller may not agree to pay the 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 (email@example.com) 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!