The Olympia, Lacey and Tumwater, WA Housing Market Update for December 2018

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

The Olympia, Lacey and Tumwater, WA Housing Market Update for December 2018

 

Olympia, WA is the capital city of Washington State and is located in Thurston County with the other major cities of Lacey and Tumwater, WA.

 

The December 2018 Highlights:

 

Overall the market in 2018 was very good for Olympia, Lacey, and Tumwater WA home buyers and sellers.  Some sellers did see multiple offers on their homes while buyers were very savvy in their negotiations to successfully become homeowners.

 

  • Increased inventory means more choices for buyers.
  • Year-to-Date sales are down however December 2018 was still the 3rd highest December ever for closed sales.
  • Sellers are still seeing face-paced sales with the average days on market at 17 days for homes priced right.
  • Sellers are still firmly seated in a seller’s market with 1.3 months of supply.
  • Median home prices are up 10.4% from last December.

 

 

Thurston County is the most affordable county in Western Washington in major employments centers along the I-5 corridor.  (In the chart below, Thurston County is represented by the bold orange line.)

 

 

This index by the University of Washington Center for Real Estate Research measures the ability of a middle-income family to carry the mortgage payments on a median-priced home.  Counties in the blue band in the chart below are in the affordable range.  King County (where Seattle is located) has the lowest affordability factor.

 

What is in store for buyers and sellers in 2019? 

 

More to come on this topic as we are only two weeks into the new year but we are expecting the same market environment for 2019 as in 2018 but on a slightly calmer scale.  Home prices are still expected to rise but not at such a frenzied pace.  As mentioned, from December 2017 to December 2018, the median home value rose over 10 percent.  This year, we may see those gains be closer to the historical norm of 5 to 6 percent.

 

Trends to monitor in 2019

 

The two major trends to monitor in the Thurston County WA real estate market are the unemployment rate and the borrowing rate.  Right now, Thurston County has a very low 4.6 percent unemployment rate.  The Olympia area’s major employers are city, state and federal government entities, medical and military personnel.  The job market has the greatest impact on homes sales, but interest rates impact affordability.

 

Borrowing rates went up in the fall and now are coming down.  As of this writing, rates are hovering around 4.5%.  This is still a very low rate for buyers and this is still a rate that can stretch buying power.

 

If selling or buying a home in the Thurston County WA area is in your plans for 2019, please contact me for a detailed discussion about your particular needs.  Happy 2019!  

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:
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Washington Thurston County Olympia
Tags:
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buying
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Rainmaker
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Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Francine - very interesting report on Thurston County real estate. 17 days on market shows the strength of the marketplace. (An aside: did I ever mention that Samuel Royal Thurston was my great-great grandfather?)

Jan 13, 2019 11:50 AM #1
Rainmaker
5,347,940
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will certainly appreciate your local market reports.

Jan 13, 2019 12:17 PM #2
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

HI Francine... great report. No wonder those sale prices are up... 1.3 months of inventory is like having none!

Jan 13, 2019 12:42 PM #3
Rainmaker
1,203,069
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Francine Viola - You have an extremely strong market. Trying to find homes for buyers is a real challenge with little inventory.  Somehow with your expertise, I know buyers are in good hands.  Your sellers can count on you to know exactly how to position their homes for sale.  I hope you have a very successful year ahead in 2019. 

Jan 13, 2019 02:18 PM #4
Rainmaker
4,068,605
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Francine, excellent market update for Olympia, Lacey and Turnwater WA's real estate market.   You provide lots of valuable information! 

Jan 13, 2019 03:50 PM #5
Rainmaker
1,602,886
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Appreciate the update. Have a great rest of the weekend!

Jan 13, 2019 04:05 PM #6
Rainmaker
541,491
Maria Sapio
Keller Williams of Central PA - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

Thank you for providing The Olympia, Lacey and Tumwater, WA Housing Market Update for December 2018 

Jan 13, 2019 04:14 PM #7
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

WOW! Great sellers' market, Francine! And, I absolutely love your MLS infographic - oh, how I wish our MLS provided something like that.

Jan 15, 2019 08:24 PM #8
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Rainmaker
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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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