Here is the West Olympia WA real estate market update for June 2015.
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 enjoy their dream home in West Olympia and tend to stay put!
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
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 3 months of inventory, West Olympia sellers have less competition in attracting buyers. A sellers’ market is 0-3 months of inventory, and West Olympia is in a sellers’ market.
The number of homes for sale is down but that doesn’t mean the market isn’t adding listings. Buyers are just snapping up the new listings that are priced right. (Overpriced listings will still sit on the market, untouched by buyers.)
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.)
For example, owners who purchased their homes in 2004 are seeing, on average, a gain of 10.3%.
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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!