The REAL real estate market report for Olympia, WA

By
Real Estate Agent with Coldwell Banker Evergreen Olympic Realty, Olympia WA

The REAL real estate market report for Olympia, WA

 

I emphasize the word, “real” because I’m weary of these sensational headlines about the end of the real estate market. And then I have clients who quote these sources and believe them to be true.

 

The analysis of statistics can always be manipulated to get the intended point across, but I would like to offer a flip side to the media headlines that state the housing market is heading towards a crisis.

 

Here is a headline from The Seattle Times:

“Prices haven’t fallen this fast since 2011 when the market was still bottoming out after the recession.” And goes on to say, “Seattle’s decline was more than triple the next highest metro area (San Diego, where prices declined 0.8 percent).”

 

Triple the decline?! As my broker states, the sky isn’t just falling; it has plunged straight through the earth!

 

Here’s the real deal: The market is easing in price escalation, not falling prices. There’s a difference. Home prices are still up year over year. It is just the rate of increase is moderating. It doesn’t mean that the 11.7% gain owners achieved in 2017 are erased, nor the 9.5% gain in 2016 is gone.

 

Price escalation moderation for some current sellers may mean doing a price reduction, especially if they priced their home with the 13% annual increase that we were seeing in the spring.

 

If they priced with more modest increases, they are 1) still seeing a healthy gain and rate of return, and 2) will have willing and eager buyers ready to make an offer.

 

The chart below is the sales price average for each year in Thurston County.

 

 

 

 

 

 

Don’t believe everything you read. Looking at the bigger picture and especially the historical overview of the market - it will shed light on a balanced perspective.

 

If you have any questions, let’s chat. If you are thinking of selling in the spring of 2019, call me today so that we can get prepared. And stay tuned for my upcoming 2019 forecast.

 

Happy Holidays!

Posted by

 

Francine Viola, Realtor
In Tune with your Real Estate Needs

 

Serving Buyers and Sellers in Olympia, Tumwater, Lacey and DuPont, WA

Coldwell Banker Evergreen Olympic Realty, Inc.  |  Olympia, WA

 

Cell:      (360) 359-0689

Email:  Francine.Viola@cbolympia.com

Web:     www.FrancineViola.com

 

         

 

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Topic:
Real Estate Market Trends
Location:
Washington Thurston County Olympia
Tags:
realtor
market update
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Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Yes, the chicken little drama needs to stop. It's not helping anyone to overstate a much needed market correction. Good grief... :)  Hope you're enjoying the holiday season. December 1st! 

Dec 01, 2018 07:23 AM #1
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Glad your market is still strong and favorable for sellers. The press always takes the extreme approach.

Dec 01, 2018 07:35 PM #2
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Francine Viola I agree, I always take the over the top reaction with a grain of salt

Dec 02, 2018 03:13 PM #3
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Francine, when our market started slowing, the media blew it way out of proportion too.  Glad you can set the record straight! 

Dec 03, 2018 04:12 PM #4
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Francine Viola

REALTOR®, In Tune with your Real Estate Needs
Let me help you find the perfect home in Olympia WA!
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