Here is the Boston Harbor WA current real estate market update as of April 2014 (area 445 on the map below).
Boston Harbor is a desirable area of Thurston County and offers residents lots of waterfront activities including Priest Point Park and Boston Harbor Marina as well as a direct route to downtown Olympia. Other downtown waterfront activities include the Hands On Children's Museum, Swantown Marina, the Farmer's Market and more, which are just a walk or a bike ride away for many residents in the southern part of Boston Harbor.
Boston Harbor has a mix of waterfront homes and condos, mid-century and vintage homes. Neighborhoods include Fishtrap, Gull Harbor, the Henderson Inlet and South Bay.
|Boston Harbor (Area 445)||This Year||Last Year||+ / - / =|
|Average Sales Price in Q1:||$339,149||$283,319||Good!|
|# of Homes Sold in Q1:||10||12||Stable|
|Absorption Rate in April (how long it takes the market to absorb the inventory):||7.7 months||6.2 months||Buyer's Market|
|# of Homes Currently Listed:||33 (30 at this time last year)|
|Current Listed Home Price Range:||$139,950 to $5,200,000|
Average home prices for Boston Harbor look to be way up however because of the wide variety of homes in this area from manufactured homes on land to grand properties on the waterfront, this number is deceiving. This area continues to be strong and a desirable area for buyers.
The number of homes sold is stable for Boston Harbor. Slow and steady wins the game! Buyers are coming back and sellers are pricing appropriately and accordingly with the market.
The absorption rate over the last two years has seen a tremendous improvement but Boston Harbor is still stabilizing, and these fluctuations will still occur.
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 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.
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 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.
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 anticipating interest rates to be 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 Boston Harbor, 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 Boston Harbor, 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!