The real estate market trend for the Olympia, WA area is starting to level out as we head into the winter months.
The recently released data shows a modest decline in closed sales (down 3.6%) and pending sales (down 4%) from a year ago, however, both figures made this the second-best October on record.
Combined with fewer closed sales, active inventory inched up a bit to 723 homes for sale in all of Thurston County, WA. That rise is just 6.5% up from last month yet that rise did not push the market into a balanced market.
The Thurston County market is still strongly in a sellers’ market with an absorption rate of 1.52 months of supply. This is due to the continuing strong demand from buyers. (A balanced market is 4-6 months of supply.)
Where are we headed?
The trend here is moving back toward balance. Sellers need to continue to price right, and now may need to look at comparable sales from the first quarter of 2018 for comps instead of looking at the recent comparable sales in this past spring and summer months in order to “price right.”
With inventory on the rise and demand softening, Thurston County sellers will want to be priced under the competition. That doesn’t mean they haven’t achieved some great price gains over their ownership, it just means things are leveling out a bit.
For our buyers, what a great time to jump in. While many homes still have strong competition, most don’t. Sellers will be more willing to listen to reasonable offers right out of the gate – as opposed to waiting for bidding wars. That should be a bit of welcomed relief for buyers.
Interested in buying or selling? Wondering if now is the time?
For sellers, I pride myself on helping create a great marketing plan: prepping the home, creating a winning promotional campaign and a well-informed pricing strategy. But I don't stop there. Moving all the way to a successful closing is the goal. Much skill and attention are needed to accomplish that in any market, especially one in transition.
For buyers, I help them gain a great understanding of the market. Every location and price range have a different story. And each home does, too. Some sellers are still receiving multiple offers, while others are ready to compromise to draw one in. By educating buyers about the broader conditions, as well as each home's place in it, I can help tailor a fantastic buyer experience.
If you are thinking of buying or selling, let's talk. Call me today.