Here is the South Olympia WA real estate market update for June 2015.
Why live in South Olympia?
South Olympia is considered a desirable part of Thurston County by its residents.
South Olympians have lots of sidewalks and biking paths, and many enjoy the amenities of the YMCA, which has an indoor swimming pool. Ward Lake and Chambers Lake offer lakefront homes and water activities, while the Carlyon neighborhood offers a mix of mid-century and older vintage homes. Watch my walking tour of the South Capitol neighborhood:
Types of homes: South Olympia offers a mix of new construction, mid-century as well as vintage homes. Search South Olympia homes for sale.
South Olympia real estate market update
Sales Prices continue to rise steadily in the South Olympia area but not at a pace that would be harmful. This is a healthy increase in home values.
With 2 months of inventory, South Olympia continues to sit comfortably in a sellers' market. (A sellers' market is 0-3 months of inventory.) Low inventory and active buyers are creating this sellers' market.
The number of homes listing for sale has declined which is contributing to the seller's market. But sellers still need to continue to price their homes right. (Overpriced listings will still sit on the market, untouched by buyers, no matter the market.)
What does all this mean?
Buyers are still enjoying historically low interest rates, even when it was predicted interest rates were going to rise by the end of 2014. That prediction didn't materialize, and buyers still have time to lock in to a great rate. Current rates are at about 4% with VA and FHA buyers enjoying even lower rates. But buyers really shouldn't be waiting to buy.
Sellers who have been waiting to sell, can now be confident they CAN sell and in some cases, see a profit. Sellers who purchased in 2005-2009 (the height of sales prices) are still waiting to see gains on average. The market has not yet recovered fully to recoup the fall of the market during those years. (To emphasize, these are county-wide averages.)
Curious to know what your home is worth? Click here to learn more.
Visit my website to search South Olympia, 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 South Olympia, 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 (firstname.lastname@example.org) 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!