Here is the North Lacey / Hawks Prairie WA current real estate market update as of April 2014 (area 446 on the map below).
North Lacey is a fast-developing part of the county, with lots of residential and commercial new construction, the completion of Cabela's, and other major retailers coming soon.
This area is preferred for northward I-5 commuters as one of the northern-most I-5 Exit 111 in Thurston County is easily accessed here.
North Lacey offers lots to do with several golf courses (one interspersed between Jubilee, a high-end 55+ community), Tolmie State Park, the Nisqually National Wildlife Refuge and the newer Regional Athletic Complex with soccer and baseball fields.
Most residents are in the North Thurston School District. North Lacey offers lots of new construction, waterfront properties, and mid-century homes. Neighborhoods include Beach Crest, Johnson Point, Meridian Campus and Nisqually.
|Hawks Prairie (Area 446)||This Year||Last Year||+ / - / =|
|Average Sales Price in Q1:||$290,282||$277,436||Good!|
|# of Homes Sold in Q1:||62||78||Stable|
|Absorption Rate in April (how long it takes the market to absorb the inventory):||4.6 months||4.4 months||Balanced Market|
|# of Homes Currently Listed:||129 (127 same time last year)|
|Current Listed Home Price Range:||$65,000 to $3,750,000|
Average home prices for North Lacey / Hawks Prairie are up about 4.5% (!) from last year at this time. Thurston County overall has seen incremental home sales price increases (2.4% last year). Thurston County's average home price is currently $238,310.
The number of homes sold for North Lacey is stable. Part of the slowdown can be attributed to the increase in average home prices. But there are at least four new construction plats that will be opening up later in 2014. This area of the county has been the only area to have weathered the recession due to its location to I-5, amenities, Jubilee and continued new construction plats.
The absorption rate is just in a balanced market but during the last winter months, was in a strong seller's market. Buyers are not finding many choices in this area with low inventory, and are finding themselves competing for the same property. And this area is a little higher priced than other parts of the county.
WHAT DOES THIS MEAN FOR SELLERS?
The bottom has hit and we are moving passed the lowest point of the market. This doesn't mean prices will skyrocket upward. The market still has many months of recovery but the downward spiral has stopped. Sellers in North Lacey / Hawks Prairie will continue to do well due to the buyer demand for homes in this area.
Sellers still need to price appropriately with the market. No matter if it's a "hot" seller's market or a slow buyer's market, sellers still need to price right according to the conditions of the market in order to have a successful sale - even in North Lacey!
Less inventory. This is good for sellers as there is less for buyers to choose, and we have seen multiple offer situations with several buyers competing for the same property.
Overall, it's been a long time coming, but the market has improved enough for many sellers in North Lacey to consider their next move.
WHAT DOES THIS MEAN FOR BUYERS?
Buyers need to act - no more fence-sitting. The luxury of waiting and watching the market are over for buyers. With less inventory and more buyers entering the market, buyers may find themselves competing for a property. This area of Lacey is in high demand.
Pay attention to where interest rates are heading. Even though interest rates below 6% are considered very low, many buyers over the last five years have enjoyed rates at half that - 3% to 4%. Lenders are predicting interest rates to be at 5% by the end of 2014. Buyers will need to stay on top of where interest rates are heading.
Be prepared. Buyers need to be prepared financially to purchase a property. That means working with a quality local lender and getting pre-approved so that you are ready to make an offer when you find the right house. Secondly, buyers need to be prepared that a seller may not agree to pay a buyer's closing costs.
Visit my website to search North Lacey / Hawks Prairie WA homes for sale, or sign up and get notified when homes that meet your criteria come up on the market. Be the first to know of a new listing! Also click here to learn what NOT to do when buying a North Lacey WA home.
If you’d like to learn more about how your home fits into this market and would like a personalized home evaluation, feel free to email me (email@example.com) or call me today at (360) 359-0689. With no obligation, I can give you straight-forward, fact-based information so you can decide if the time is right to make your next real estate move.
Local statistics compiled by Francine Viola from NWMLS data. Statistics not compiled or published by NWMLS (Northwest Multiple Listing Service).
Originally posted and written by Francine Viola at her blog site: www.InTuneRealEstate.com, where you can learn more about the real estate market in Thurston County and get tips and advice for a smooth real estate transaction!