Here is the East Olympia WA real estate market update for September 2014.
Why live in East Olympia?
East Olympians enjoy a variety of home choices - from the gated golf community of Indian Summer to larger parcels suitable for horses to lake front homes on Hewitt Lake. Residents enjoy biking and walking on the Chehalis-Western Trail, Lattin's Country Cider Mill and Farm, and floating down the Deschutes River on a hot summer day.
East Olympia real estate market snapshot for the third quarter 2014.
Average Sales Price for Q3 2014 is $334,362. This is up from last year at this time when the average sales price was $314,007. Number of Home Sales is 29 vs. 31 last year at this time.
Months of Inventory is in a buyer's market with 7 months of inventory. This is a dramatic increase from last year when there were only 3 months of inventory. See adjacent chart.
How fast are homes selling in East Olympia? On average, homes were on the market for 86 days.
What does this mean for Sellers?
Sellers in East Olympia are in a slightly sluggish buyer's market right now. Currently there are 52 homes listed for sale. Last year at this time there were 35 homes listed. The higher number of listings is contributing to a slower absorption rates, pushing East Olympia into a buyer's market.
Sellers need to price appropriately to attract buyers. In broad terms, on average, sellers are doing well with pricing as the average list price is $288,694 with the average sales price of $344,362.
Curious to know what your home is worth? Click here to learn more.
What does this mean for Buyers?
Buyers have choices in East Olympia. Right now it is a buyer's market with more listings available. Buyers can find some good deals in East Olympia right now.
Pay attention to where interest rates are heading. Even though interest rates have remained low despite predictions, experts agree time is running out for buyers to take advantage of rates in the 4% range. 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. Buyers also need to be prepared that a seller may not agree to pay a buyer's closing costs.
Visit my website to search East 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 an East 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!