Print  email 

tool name

close

tool goes here

Some bright spots in local housing market

More than 200 units sold for first time since October

By Rolf Boone | The Olympian • Published April 08, 2009

• Comments (0)

Thurston County home sales got back on track in March after a promising January and a disappointing February, rising above 200 units sold for the first time since October, according to Northwest Multiple Listing Service data released this week.

More homes were sold in Thurston County in March than in the previous two months, although year-over-year sales still fell nearly 32 percent between March 2008 and March 2009, the data show for single-family residences and condos. Last month, 214 single-family residences were sold in the county.

That's much better than the 147 homes that sold in February and the 177 homes that sold in January, but it still was lower than the 314 units that sold in March 2008, according to the data. Median prices for single-family residences fell more than 4 percent in the year-over-year March period, to $240,000 from $250,585, although the price drop wasn't nearly as steep as in some other Western Washington counties.

Year-over-year median prices fell more than 17 percent in King County and more than 11 percent in Pierce County, according to the data.

The total number of houses for sale in the county also was lower in March. Year-over-year total active listings fell 21.53 percent to 1,615 units from 2,058 listings, the data show.

The improved March home sales totals were partly the result of the upswing the housing market always experiences in spring and summer, said Steve Garrett, owner of the Windermere Olympia real estate office.

But it also is a sign of some favorable conditions for the first-time buyer, such as lower prices, tax-credit incentives and low mortgage interest rates, he said.

Interest rates on a 30-year mortgage recently fell below 5 percent for the first time in Garrett's 34-year real estate career, he said.

"Now is the time to get in the marketplace," Garrett said.

At the same time, he acknowledged that year-over-year sales fell more than 30 percent, saying some prospective buyers remain concerned about job security in a slower economy.

Overall, though, Garrett remains upbeat.

"We have turned a corner and are on the upswing," he said.

Garrett added that some houses are selling faster than others, such as those priced in a first-time buyer's range of $220,000 to $250,000.

Above $350,000, the market slows down, he said.

Lower year-over-year home values also have been tough on home sellers, but South Sound real estate agent Cheryl Wiatrak reminds sellers to keep the house clean and in good condition for a sale.

They also need to think carefully about the price, and likely will have to list it at the low end of the seller's preferred price range, she said.

Wiatrak is trying to sell an 1,800-square-foot Tumwater house for $299,000. It has been on the market for two weeks. When the market was hotter, the house might have listed for $325,000 or higher, she said.

Still, over a five-year period, a house's value is expected to increase, Wiatrak said.

Rolf Boone covers business for The Olympian. He can be reached at 360-754-5403 or rboone@theolympian.com.