If you live in the beautiful golf course neighborhoods of Campus Highlands and Campus Peak in Lacey, WA, this market update is just for you!
Year-To-Date Real Estate Market Update for Campus Highlands and Campus Peak
Because this is such a small data source, I’m adding up all of the active listings, pending listings and sold homes from January 2020 to August 31, 2020 in each neighborhood.
As is the story for the greater Olympia area, Campus Highlands and Campus Peak both:
Low Inventory. This is mostly due to new construction that has not been as robust as in the past. Rob Rice Homes and Richmond American Homes are the two most recent builders. With COVID19, builders across the county have faced longer than normal times to get permits, suffered a break in the supply chain for materials, and have currently stopped or limited offering presales, where buyers could be under contract for a home to be built.
High Buyer Demand. There are more buyers than homes available for sale. This is pushing up home prices and creating competition amongst buyers. In both Campus Highlands and Campus Peak, there were more buyers than active listings.
Months of Supply. This takes into account the number of listings available and the number of buyers. A typical seller’s market is one to three months of supply. As you can see, both of these neighborhoods are firmly rooted in a deep seller’s market.
Higher Sales Prices. With historically low inventory in Thurston County, this is increasing prices, and this is certainly the case in Campus Highlands and Campus Peak. Both neighborhoods are seeing above-average annual gains.
For the most recent real estate update for Thurston County, check out my post for the August 2020 report. And be sure to check out the video along with this where I offer tips for both buyers and sellers to succeed in this market.
Conclusion
Buyers are busy and actively looking for housing. Although home prices are going up, their purchasing power is extended as interest rates have hit another all-time low. According to FreddieMac.com, this week’s rates for a 30-year fixed-rate mortgage is 2.86% with an over of 0.8 fees/points. Last year at this time, the average rate was 3.56%.
If you are considering selling your Campus Highlands or Campus Peak home, call me today! You’ll get my strategies to prepare your home for sale to get the most this market can offer. In the meantime, feel free to check out my Seller’s Guide here.