Home prices are up 9% in Thurston County for 2016 to 2017. In real terms, a $200K home you could have purchased last year will cost you close to $220K. The average sales price of a home in April 2016 was $258,273. This year that home would cost you $283,510.
This is good news for sellers – only if you are leaving the area. This is not so great news for buyers. The average home sold for 100.3% of asking price. It seems counter intuitive to pay more for a home than someone is asking – but that might be exactly what buyers may need to do in order to land a house.
What’s driving this market? There are usually a variety of factors that contribute to a situation like this: Still (relatively) low interest rates, buyers being squeezed out of King and Pierce county markets that are crazier than ours and …the main one: lack of inventory. There were 617 or so properties on the market this April VS 959 last April.
Olympia Real Estate Blog 