The Indian Summer Golf & Country Club (in Olympia, WA) real estate market in 2012 has followed behind similar trends of the rest of Thurston County including lower inventory, stabilization of home sales, but still on a slight downward trend of home prices.
Here is this month’s real estate market report for Olympia WA in Thurston County by Francine Viola of Coldwell Banker Evergreen Olympic Realty.
The Indian Summer Golf & Country Club neighborhood has seen a decline in active listings for sale. In the summer of 2012, there were 20 homes for sale; currently there are 8 homes listed for sale. Because Indian Summer is a small statistical sample, low inventory doesn’t equate to an increase in home prices (the basics of supply and demand). And the rise and fall of inventory has followed typical seasonal changes with more listings in the summer than in the winter months. In the next coming weeks, I would anticipate more Indian Summer listings coming up on the market.
The number of homes sold in Indian Summer has remained steady and stable over the last few years. This is significant to note because the single family home prices in Indian Summer are currently one and half times the county average. Thurston County’s average home price is currently $232,158. In 2012, Indian Summer single family home prices averaged $373,500. (The chart below also includes the 3 townhomes in the average home price.)
The higher home values in Indian Summer also affect how quickly homes can sell. This chart shows that homes priced up to $200,000 are in a seller's market, taking less than four months to sell. Homes priced between $200,000 and $400,000 are in a balanced market taking 4-6 months to sell, and homes priced over $400,000 are in a buyer's market taking 8+ months to sell. There are fewer qualified buyers in this higher price range. Also many buyers in this price range would have a home to sell in order to purchase. Many sellers have put off trading up or trading down their current homes.
2013 Predictions for Indian Summer’s home values:
Once the trade-up or the trade-down buyers come back into the market, Indian Summer’s home values and sales activity will increase. Many homes in Indian Summer are not for first-time home buyers or investors. Currently, those two groups are the most active home-buyers. As Thurston County’s market continues to improve, it will increase the buyer activity in Indian Summer.
Schneider Homes is continuing to build out Phase I and Phase II of The Links however I do not believe those newer homes will be of much competition to existing, re-sale homes as The Links offer smaller homes on smaller lots, some are without golf course views, and Phase II homes will have the influence of high-voltage power lines.
More inventory in the coming months. As we can see for the last five years, Indian Summer has seasonally increased its homes for sale in the spring and summer months, and I would anticipate the same for 2013.
(All data is compiled from the Northwest Multiple Listing Service. Data is deemed accurate but not guaranteed.)
Indian Summer Golf & Country Club in Olympia WA is an exceptional neighborhood that features a gated entry, a gate guard, its own Antidote Salon & Spa (also open to the public), the Embers Restaurant, and the private golf course and nature preserve.
Indian Summer is the premier neighborhood to call home in Olympia, WA. If you’d like more information about how the Indian Summer Golf & Country Club real estate market can affect you in your home purchase or home sale, call me today. And be sure to visit my website to search for homes in Indian Summer.