I did some checking into MLS statistics today to see if my hunch is correct that the Olympia area is seeing fewer listings that are bank owned or short sales. The price bracket I checked on is residential properties listed at no more than $300,000. Certainly there are both bank owned and short sale properties above that price point, but the largest proportion have been in that category it seems.
Overall, in the Olympia, Lacey, Tumwater market, I found 543 residential listings priced at or below $300,000. Of that total number, only 70 are listed as being short sales. And even more promising is that only 30 are marked as bank owned homes.
This means slightly over 80% of our residential listings in that $300,000 and under price bracket are homes where a short sale lender does not have to approve the sale, and a bank in ownership will not make you jump through a thousand hoops before you can buy the home! Wow!
Who knows what the future months will bring, but I like the return to more listings where the owner is a person not a bank, and the buyer does not have to wait and wonder and wait some more while a short sale lender decides whether to give a sale their blessing - or not.
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