Here is the Yelm / Rainier WA current real estate market update as of April 2014 (area 453 on the map below).
Yelm / Rainier not only is close to JBLM’s East Gate, but offers affordable homes and is 15 miles from Olympia. Yelm has also been recognized as Tree City USA, and you’ll certainly see that as you tour its diverse urban forest of trees.
Buyers looking for larger parcels and horse properties will be able to find these just outside of downtown Yelm. Yelm’s downtown core has experienced quite the growth in the last few years with major retailers, restaurants and parks that residents can enjoy. The name Yelm is a Salish Indian word that means “heat waves from the sun.” Many residents are in the Rainier School District and Yelm School District.
|Yelm/Rainier (Area 453)||This Year||Last Year||+ / – / =|
|Average Sales Price in Q1:||$174,104||$178,600||Stable|
|# of Homes Sold in Q1:||105||83||Good!|
|Absorption Rate for January (how long it takes the market to absorb the inventory):||4.4 months||5.1 months||Balanced Market|
|# of Homes Currently Listed:||179 (up from last quarter of 145)|
|Current Listed Home Price Range:||$39,900 to $2,500,000|
Average home sales prices for Yelm / Rainier between 2013 and 2014 saw a 7.8% average sales price increase. Between the first quarter of 2014 compared to the first quarter of 2013, prices dipped very slightly.
With a demand for housing due to its location to JBLM and with many new construction plats, positve growth in home prices is expected.
The number of homes sold for Yelm / Rainier is doing very well for the first quarter. The number of homes sold is also indicative of the number of new construction homes that have sold.
The absorption rate currently is in a balanced market but has improved since last year at this time. In looking at other market conditions and Yelm’s absorption rate trend, Yelm is poised to be in a seller’s market later this year. Yelm offers new construction opportunities for buyers, lower home prices than in other parts of Thurston County and its location to JBLM will continue to improve the Yelm real estate market.
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%. Local lenders are predicting that by the end of 2014, rates will be at 5%. 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 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 Yelm / Rainier 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 Yelm or Rainier 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!