If you live in the beautiful Campus Highlands or Campus Peak neighborhoods of Hawks Prairie in Lacey, WA, this market update is just for you!
But first, I’d like to address some of the misinformation I’m hearing about the real estate market. I’m meeting up with people who are believing we are in a recession and the real estate market has come to a halt. This just isn’t the case for Campus Highlands nor Thurston County. In this video, I recap a conversation I had a few weeks ago about the Thurston County real estate market for July 2020.
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 the active listings, pendings and sold from January 2020 to the end of July 2020 in each neighborhood.
Low Inventory
The big story here is the lack of inventory – homes available for sale. This alone is driving this seller’s market. Campus Highlands is down 61.4% for listings from last year. Campus Peak is also severely low with only 6 homes listed for sale this year compared to 28 homes for sale at this same time last year.
Campus Highlands and Peak like the rest of Thurston County are severely understaffed for homes compared to the multitude of buyers who are actively looking.
Pending Sales
Pending sales are improving, which is a great sign. Pending sales show the buyer activity, and is a very close predictor of what the sales activity will be in four to six weeks (as that is generally how long a transaction may take to close/sell).
Months of Supply
The months of supply takes into account supply (number of listings) and demand (number of buyers). Relatively speaking, a seller’s market is 1-3 months. As you can see, Campus Highlands and Campus Peak are very rooted in a seller’s market at just one month of supply.
Median Home Prices
The median home prices for Campus Highlands has exceeded the average growth for Thurston County, which is six percent. Campus Highlands’ prices are up 7.9% from last year. Campus Peak is up ten percent from last year.
The trends in Campus Highlands and Campus Peak are in line with the trends in the overall Olympia area market. Here’s my latest market update for Thurston County.
Conclusion
If you are considering selling your Campus Highlands or Campus Peak home, I’m available to meet with you in person, via Zoom or by phone to discuss your particular home selling needs. You may be surprised with the equity you may have.
In the meantime, be sure to check out my Seller’ Guide here.