Thurston County WA current real estate market update

Here is the Thurston County WA current real estate market update as of April 2014.

Thurston County WA is located in the South Puget Sound region of Western Washington. It is the home of the State Capitol in Olympia. The other major towns in Thurston County are Tumwater, Lacey, Yelm, Tenino and Rochester.

Some fun facts about Washington State:

State Flower:  Coast rhododendron

State Marine Mammal: Orca

State Tree: Western Hemlock

State Bird: Willow goldfinch

State Gem: Petrified wood

State Fossil: Columbian mammoth

Unofficial State Nickname: the Evergreen State

Major Employers in Thurston County include:

• Federal, State and City Government
• Providence St. Peter Hospital and Capital Medical Center
• The Evergreen State College
• Many Thurston County residents also work at Joint Base Lewis-McChord in DuPont.

MARKET SNAPSHOT:

MARKET HIGHLIGHTS:

Pendings down but closing more.  This may sound like an odd statement, but the Thurston County market is having more success with transactions reaching the closing table, and that's the most important part! Some of this is due to the market has fewer short-sales and other distressed properties that go pending but don't close.  This is still a positive trend.

Unleashing Pent-Up Demand.  Buyers are coming back stronger than they have since 2009!  Projected sales should be at 987 sales but currently at 666, however we are seeing positive trends of more home sales on the rise since 2009. 

Sales are outpacing new listings.  Thurston County is adding more and more listings, however these listings are being absorbed quickly by buyers who are ready to purchase.  If you are considering selling, you may not be on the market long! 

Absorption Rate is now lifting prices. Prices are on the rise!  After 60 months of declining home prices, market-wide home prices have risen in the last 9 months.  Good news for many sellers who have been waiting to sell.

WHAT DOES THIS MEAN FOR SELLERS?

Sellers should not fear listing their homes for sale!  The bottom has hit and the downward spiral has stopped.  Buyers are out there and waiting for the right home to come on the market - it just might be yours!

Sellers still need to price appropriately for the market.  In any market, whether it's a "hot" seller's market or a buyer's market, sellers still need to be attune to the current market conditions and price accordingly.

Overall, this improvement has been a long time coming, but the market has improved enough for many sellers to consider their next move.

WHAT DOES THIS MEAN FOR BUYERS?

Buyers need to act - no more fence-sitting.  The opportunities of waiting and watching are over.  It's time to get into the game.  With less inventory and more buyers entering the market, buyers may find themselves competing for a property.

Watch interest rates.  Many lenders are anticipating interest rates increasing by the end of the year.  Right now, rates are in the low 4% but may inch up to 5%.  Although this is still an incredible rate, buyers over the last several years have enjoyed rates at 3% to 4%.

Buyers must be prepared financially to purchase a home when the right home comes on the market.  This means getting preapproved with a quality local lender before you begin house hunting.  Buyers also should prepare to pay their own closing costs.  The market is transitioning to a sellers market in many parts of Thurston County.  Buyers need to be competitive and be financially solid in today's market.

If you are ready to make your next move, contact me today!

To see all the homes currently for sale in Thurston County, visit www.FrancineViola.com.

To see neighborhood market reports for Olympia, Lacey, Tumwater, Yelm, Rochester, Tenino and more, visit my blog at www.InTuneRealEstate.com. 

Local statistics compiled by Francine Viola and Coldwell Banker Evergreen Olympic Realty from NWMLS data.  Statistics are not compiled or published by the NWMLS (Northwest Multiple Listing Service).