Olympia, WA Home Sales: What price range is selling?
Forget all the news you've heard lately about home prices for a moment. While analyzing median prices can provide useful insight, it may be far more important to consider the supply and demand in different price ranges when measuring the strength of a market. As a home seller, it is crucial to know if you are in a segment of the market that is in high demand or one that is over-supplied. Knowing this will help you strategically price your home and set you up for success.
In the Olympia, WA real estate market the segment of the market below $350,000 is where a huge majority ( 81% ) of the sales have taken place over the last 6 months. The specific segment that has far outperformed all the rest is between $200,000 and $250,000, where 31% of the closed and pending sales have occurred! Stretch that price range a little so it includes $200,000 - 299,999 and you account for 53% of closed and pending sales!
What does all of this mean? Well, in the price ranges where demand outweighs supply you can expect a shorter market time and more showings (assuming you've priced your home reasonably). In the higher price ranges it is not uncommon for homes to sit on the market slightly longer and showings are usually fewer and farther between.
The following chart examines the number of sold listings compared to active listings in different price ranges. All sales and listings used are stick-built, single family detached homes with Olympia, Lacey, or Tumwater addresses.
Where does your home fit?
Here is a table to illustrate changes in our market from July 2008 to July 2009. These are sales that closed in the month of July each year for stick-built, single family detached homes in Olympia, Lacey, or Tumwater. Very interesting to see the increase in sales in the price range under $200,000. Just a few years ago it was nearly impossible to find anything in that price range!
|
Price Bracket |
July 2008 |
July 2009 |
% Change |
|
$ 0 - 149,999 |
3 |
5 |
66.7 % |
|
$ 150,000 - 199,999 |
21 |
32 |
52.4 % |
|
$ 200,000 - 249,999 |
46 |
59 |
28.3 % |
|
$ 250,000 - 299,999 |
67 |
47 |
-29.9 % |
|
$ 300,000 - 349,999 |
28 |
25 |
-10.7 % |
|
$ 350,000 - 399,999 |
19 |
17 |
-10.5 % |
|
$ 400,000 - 449,999 |
4 |
10 |
150.0 % |
|
$ 450,000 - 499,999 |
4 |
4 |
0.0 % |
|
$ 500,000 - 749,999 |
14 |
7 |
-50.0 % |
|
$ 750,000 + |
5 |
2 |
-60.0 % |
To view some of the latest homes for sale in Olympia, WA click here
Or view some of my featured listings:
Gorgeous Olympia, WA Waterfront Home
Immaculate Rambler near Olympia Schools
Multi-Family Zoned Lots near Downtown Olympia
Rare Westside Olympia Building Lot Blocks from Downtown
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