The news about the housing "bust" is getting stale to my ears. Your too? I bet you want to know what is truly happening around here. Because you & I know that everyone needs a home to live in. And I bet you have seen homes selling too!
Take a look at the areas as divided by zip code.
Here is what you are looking at:
Residential properties that are available or Active (as of May 2008), with the number of homes available, average asking price, and the average Days On Market (DOM). Sold shows the number of homes sold since May of last year, the average sales price, and how long it took for those to sell on average (DOM).
Zip
# Active
$
DOM
# Sold
$
DOM
Months Inventory
98501
227
$397,069
100
484
$328,388
79
5.6
98502
229
$580,423
124
326
$377,098
83
8.4
98503
190
$295,892
76
460
$258,508
85
5.0
98506
85
$484,770
97
206
$313,543
87
5.0
98512
209
$455,154
121
342
$333,893
89
7.3
98513
288
$344,961
96
590
$272,580
78
5.9
98516
224
$396,266
117
465
$339,633
100
5.8
98531
192
$251,606
93
222
$203,734
86
10.4
98541
66
$250,114
100
64
$188,719
86
12.4
98557
47
$239,803
60
33
$205,355
73
17.1
98576
48
$363,289
97
58
$271,232
90
9.9
98579
129
$290,252
94
180
$248,426
97
8.6
98584
404
$296,285
108
471
$230,008
97
10.3
98589
72
$370,463
113
103
$281,735
89
8.4
Months Inventory is a pretty simple calculation: you take the number of homes Sold and divide that by 12 months, then divide that number into how many homes are Available. The rule of thumb is that 6 months inventory level is a balance point. But really, a balanced market is anything between 5 and 7 months level. The higher the inventory level, the more it is a Buyer's Market, the lower, the more the market is on the side of the Seller.
As you can see, each are is pretty independent of its neighbors!
Here is a list of the communities each of the Zip Codes covers: 98501- Olympia, SE Olympia, Tumwater 98502- Westside Olympia, Summit Lake, Cooper Point, Steamboat Island 98503- Lacey 98506- Boston Harbor, Eastside Olympia, NE Olympia 98512- Tumwater, Black Lake, Black Hills, Mima, Bordeaux, Littlerock, Maytown, South Union 98513- SE Lacey, Horizon Pointe, Lake St Claire, Sunwood Lakes, Nisqually, Hawks Prairie 98516-Hawks Prairie, Johnson Point, South Bay, NE Lacey 98531- Centralia, Fords Prairie, Bucoda, Hannaford 98541- Elma, Satsop, Malone, Porter 98557- McCleary 98576- Rainier 98579- Rochester, Grand Mound 98584- Shelton, Kamilche, Arcadia, 98589- Tenino
As you know, Real Estate is local- what is happening over there may have little impact on what is happening over here. Even this kind of breakdown doesn't give you the nitty gritty details you need to make wise decisions. I help first time buyers looking for the right place to get started, sellers looking for their 'forever home', investors developing their nest egg, and Military PCS & Relocation clients who have a very limited window to learn what is happening in the area, either before they sell or buy. Give me a call if you need some information about a specific neighborhood! I would be happy to help.
Great info. You should take a look at my blog "The Future of Real Estate" It is all about Connect Realty a great new company, let me know if you want to hear more about this great opportunity!
Thanks Andy, I made my move to RE/MAX after being in real estate one year and I am so happy with my choice. It is a bit of a risk to take on the responsibility that comes without the net of the broker split model, but I love this office. And I cannot imagine more supportive broker, owner or staff. Just a great place to be. Congratulations on your choice of brokerage and business model.
Thanks Sarah for the zip code stats. Just keeping track of our part of Puget Sound keeps us busy; so it is great to see another part added into the mix for a larger picture.
Wow- lots of comments on a rather simple posts. AR is funny that way LOL
Sandy- Thanks for the comment. Interesting to see where the action is, isn't it.
Jo- I don't know Jo... some of these neighborhoods are moving right along. I do know that the upper price points are really taking the brunt of the hit in this market. But we are seeing multiple offers on homes in the entry level, under $250,000. Very odd market.
Gita- Thanks, I hope they enjoy it. I may turn this into a postcard for my sphere.
Kim- It is funny how much we have separate markets here, when we are only 45 minutes drive time. Tough to keep up with what is happening.
Jim- I agree- these are not scary stats in my mind! The areas with the longest market times are all in the rural areas, the shorter times are all close in, with city services and no commute time to figure in.
A blog reporting the market conditions for residential homes and investment properties throughout the South Puget Sound in Thurston County and Mason County, from Olympia, Lacey and Tumwater to Shelton. With updates about our ever-changing communities: events, development, legal stuff, rumors, restaurants and fun!
Sarah Nopp, REALTOR(R), CRS. RE/MAX Four Seasons, Olympia WA
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Sarah,
Great detailed information.
Sandy