Home sellers sigh about having to lower their sales prices. Current local home inventory is 35% up from last year and the number of buyers has dramatically diminished due to the shake-up of the sub-prime lending market. The average number of days a home is on the market is currently at 85 days YTD, compared to an average of 66 days in 2006.
Sounds too depressing?
How does this sound?
Closed home sale prices are up over 6% from last year. There are currently 97 single family homes for under $200,000 on the market in Thurston county (excludes manufactured homes). Big outfits, such as Great Wolf Lodge and Cabela's are attracted by the economic vitality of our region.
I tend to be an optimist and appreciate that some balance has returned to the market. Yes it has cooled off, but when it cools from 90 degrees to 75 degrees, it brings relief from the extreme. Another nice side effect of this adjustment is that it will thin out the Realtor ranks. Many who joined our profession in the hot market years just to make a quick buck, without possessing competence or investing in education, will find it difficult to compete for clients at this point.
Realtor for Olympia Area Real Estate
Riley Jackson Real Estate Inc.