The June 2021 real estate market in Olympia, Washington continued the head-scratching trend of more sales than homes for sale. What kind of sorcery do I speak of?? I’m talking about a steep seller’s market with buyers outweighing sellers 2.5 to one.
Good News for Buyers in June – LOTS of New Listings Came to the Market
June 2021 in Olympia was the 5th highest June for listings coming to the market:
But…..more listings went pending this month
Buyers are still actively looking for homes and although the market had 670 new listings, 682 listings went pending this June.
This just shows how quickly buyers are snapping up listings and how fast this market is going.
Median Home Price Continues to Go Up
The trailing 12-month median home price has jumped up again this month by double digits – up 17.4% from last year – to $412,218.
Amazing Home Equity Gains
The equity gains sellers are achieving are remarkable. For the last several decades, the advice has always been to be in your home for at least five to seven years. Now, sellers are achieving 6-figure gains in less than two years!
For homeowners who have owned their home for less than two years and had to sell but didn’t do any major updates, they achieved on average a six-figure gain when they sold. And we are not talking about million-dollar properties who saw this kind of gain. The average purchase price was under $400,000 yet you can see, the less-than-two-year owners had a gain of almost $110,000 in just two years.
How To Buy a House in this 2021 Market?
For my tips and tips from my colleagues, be sure to see this video. This market takes a lot of preparation, perspiration and persistence. Hear from the experts:
Having a local reputable lender and an experienced Realtor on your side are just the start to being successful in this market. These two team members can offer ideas and strategies for your success. Contact me today and let’s chat! I also have a great list of local lenders that will help you get to the finish line on time and with the least amount of headaches.
Foreclosures?
I have buyers who talk to me about this flood of foreclosures they believe will eventually hit the market. I don’t see that happening nor do I see that happening anytime soon. Here’s why:
- The average time it takes for a foreclosure to come to the market is 930 days or 2 ½ years (attomdata.com).
- We’ve had a foreclosure moratorium and have a mortgage forbearance program that can help homeowners avoid foreclosure altogether. Hopefully, this will curb an onslaught of foreclosures and distressed properties in the coming years.
Foreclosures aren’t the answer to affordable housing in this market. Foreclosures are priced at fair market value for the condition they are in just like any other listing. If these homes have been vacant for years, there could be more problems than buyers bargain for along with a potentially long list of other repair issues. My recommendation is don’t wait – buy now – and take advantage of the low interest rates and the relatively low sales prices now (as prices will continue to go up).
Sellers, this market is still very important for you to have guidance.
An interesting stat we have been tracking is looking at sellers who accepted the first offer or an offer within the first day versus sellers who waited a few days before accepting an offer.
What we find month after month is sellers who accept the first offer or an offer within the first day are missing out on getting their highest and best price. In fact, we saw a 5% difference for June. On a median-priced home, sellers are leaving on average over $20,000 on the table. Wouldn’t you be willing to have your home on the market for two or three more days in order to get another $20,000? I would.
Whether you are a buyer or a seller, if you are looking to jump into this interesting market, contact me today.
VIDEO: June 2021 Olympia Real Estate Market
Statistics compiled by Coldwell Banker Evergreen Olympic Realty from NWMLS data. Statistics not published or compiled by NWMLS.