The news about the housing "bust" is getting stale to my ears. Your too? I bet you want to know what is truly happening around here. Because you & I know that everyone needs a home to live in. And I bet you have seen homes selling too!
Take a look at the areas as divided by zip code.
Here is what you are looking at:
Residential properties that are available or Active (as of May 2008), with the number of homes available, average asking price, and the average Days On Market (DOM).
Sold shows the number of homes sold since May of last year, the average sales price, and how long it took for those to sell on average (DOM).
| Zip | # Active | $ | DOM | # Sold | $ | DOM | Months Inventory |
| 98501 | 227 | $397,069 | 100 | 484 | $328,388 | 79 | 5.6 |
| 98502 | 229 | $580,423 | 124 | 326 | $377,098 | 83 | 8.4 |
| 98503 | 190 | $295,892 | 76 | 460 | $258,508 | 85 | 5.0 |
| 98506 | 85 | $484,770 | 97 | 206 | $313,543 | 87 | 5.0 |
| 98512 | 209 | $455,154 | 121 | 342 | $333,893 | 89 | 7.3 |
| 98513 | 288 | $344,961 | 96 | 590 | $272,580 | 78 | 5.9 |
| 98516 | 224 | $396,266 | 117 | 465 | $339,633 | 100 | 5.8 |
| 98531 | 192 | $251,606 | 93 | 222 | $203,734 | 86 | 10.4 |
| 98541 | 66 | $250,114 | 100 | 64 | $188,719 | 86 | 12.4 |
| 98557 | 47 | $239,803 | 60 | 33 | $205,355 | 73 | 17.1 |
| 98576 | 48 | $363,289 | 97 | 58 | $271,232 | 90 | 9.9 |
| 98579 | 129 | $290,252 | 94 | 180 | $248,426 | 97 | 8.6 |
| 98584 | 404 | $296,285 | 108 | 471 | $230,008 | 97 | 10.3 |
| 98589 | 72 | $370,463 | 113 | 103 | $281,735 | 89 | 8.4 |
Months Inventory is a pretty simple calculation: you take the number of homes Sold and divide that by 12 months, then divide that number into how many homes are Available.
The rule of thumb is that 6 months inventory level is a balance point. But really, a balanced market is anything between 5 and 7 months level. The higher the inventory level, the more it is a Buyer's Market, the lower, the more the market is on the side of the Seller.
As you can see, each are is pretty independent of its neighbors!
Here is a list of the communities each of the Zip Codes covers:
98501- Olympia, SE Olympia, Tumwater
98502- Westside Olympia, Summit Lake, Cooper Point, Steamboat Island
98503- Lacey
98506- Boston Harbor, Eastside Olympia, NE Olympia
98512- Tumwater, Black Lake, Black Hills, Mima, Bordeaux, Littlerock, Maytown, South Union
98513- SE Lacey, Horizon Pointe, Lake St Claire, Sunwood Lakes, Nisqually, Hawks Prairie
98516-Hawks Prairie, Johnson Point, South Bay, NE Lacey
98531- Centralia, Fords Prairie, Bucoda, Hannaford
98541- Elma, Satsop, Malone, Porter
98557- McCleary
98576- Rainier
98579- Rochester, Grand Mound
98584- Shelton, Kamilche, Arcadia,
98589- Tenino
As you know, Real Estate is local- what is happening over there may have little impact on what is happening over here. Even this kind of breakdown doesn't give you the nitty gritty details you need to make wise decisions.
I help first time buyers looking for the right place to get started, sellers looking for their 'forever home', investors developing their nest egg, and Military PCS & Relocation clients who have a very limited window to learn what is happening in the area, either before they sell or buy.
Give me a call if you need some information about a specific neighborhood! I would be happy to help.
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Let me help you become a Real Estate Investor: Olympia, Shelton and nearby. Helping my clients Monitor the multi-family market, Identify the good performers and Develop their portfolios and goals.
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Sarah,
Great detailed information.
Sandy
Great info. You should take a look at my blog "The Future of Real Estate" It is all about Connect Realty a great new company, let me know if you want to hear more about this great opportunity!
Thanks Andy, I made my move to RE/MAX after being in real estate one year and I am so happy with my choice. It is a bit of a risk to take on the responsibility that comes without the net of the broker split model, but I love this office. And I cannot imagine more supportive broker, owner or staff. Just a great place to be. Congratulations on your choice of brokerage and business model.
Sarah, I love the zip code approach!! I may have to use that :) - Don't you think we still need some price adjustments in the Puget Sound area?
Good information for consumers. Good luck in Real Estate. Nice post.
Thanks Sarah for the zip code stats. Just keeping track of our part of Puget Sound keeps us busy; so it is great to see another part added into the mix for a larger picture.
Sarah your stats actually look pretty good. Very detailed.
Wow- lots of comments on a rather simple posts. AR is funny that way LOL
Sandy- Thanks for the comment. Interesting to see where the action is, isn't it.
Jo- I don't know Jo... some of these neighborhoods are moving right along. I do know that the upper price points are really taking the brunt of the hit in this market. But we are seeing multiple offers on homes in the entry level, under $250,000. Very odd market.
Gita- Thanks, I hope they enjoy it. I may turn this into a postcard for my sphere.
Kim- It is funny how much we have separate markets here, when we are only 45 minutes drive time. Tough to keep up with what is happening.
Jim- I agree- these are not scary stats in my mind! The areas with the longest market times are all in the rural areas, the shorter times are all close in, with city services and no commute time to figure in.
Thanks for all the comments folks :)