On the front page of last Sunday's edition of "The Olympian" newspaper was the following article about the recent drop in Thurston County's home sale prices. According to the Northwest Multiple Listing Service, March 2008 home sale prices have dropped 1.7% in Thurston County compared March 2007.

One thing to keep in mind is that this is a very minor drop in prices, occurring after years of continual price expansion. An adjustment of this dimension is the smallest of any county in Washington. Except for Grant County, every county in Washington showed higher home value depreciation in March; several in the double digits.

Another thing to take a look at are the home values as they are broken down into 16 geographic areas within Thurston County. Areas 444, 445, 446, 447 and 448 actually showed increases in home sale values. Olympia's west side homes have appreciated an average of 32% in March compared to last year. Lacey's Hawks Prairie area homes have appreciated 6.7%. Downtown Olympia homes have continued to appreciate at 6.9% and SW Lacey homes at 8.6%.

The March MLS data made front page news because in Thurston County we've seen continual home value increases over the past few years, but as the article further explains, this decline is nothing to worry about.  

I continually track the local real estate statictics in order to have my finger on the pulse of the market. As a home owner, investor and realtor, it's important to be aware of market conditions and trends.

BTW, the listing sign in the top left photo is one of my own signs, currently in front of a fabulously staged home in Lacey. Take a look here.

Sandy Nelson
Realtor for Olympia area real estate
www.sandynelsonrealestate.com