Here is the East Olympia WA real estate market update for June 2015.
Why live in East Olympia?
East Olympians enjoy a variety of home choices - from the gated golf community of Indian Summer to larger parcels suitable for horses to lake front homes on Hewitt Lake. Residents enjoy biking and walking on the Chehalis-Western Trail, Lattin's Country Cider Mill and Farm, and floating down the Deschutes River on a hot summer day.
East Olympia real estate market snapshot
Sales Prices continue to rise steadily in East Olympia. These are healthy gains and not unsustainable.
With 2 months of inventory, East Olympia is enjoying a seller's 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 remained steady, but still giving sellers less competition against other sellers. 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.
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.)
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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!