| In the first quarter of 2003, the Thurston County real estate market continues to experience impressive activity even compared to the record numbers set in 2002. The year thus far has been a classic study of the principles of supply and demand. Thurston County continues to attract scores of people migrating to the area. This fact combined with historically low interest rates has generated unprecedented buyer interest in homes. Despite the great demand for housing in the area, the inventory of available property has been quite low, which has led to increases in average sales prices throughout most of the county. Yet while property values continue to rise nicely for sellers, the historically low interest rates have generated more affordable mortgage payments for buyers. The county as a whole has seen a slight decrease in the number of homes sold for the first quarter of 2003 compared to the same period in 2002. To date, 605 homes have been sold in 2003, compared to 647 in 2002. Average sales prices have increased a healthy 9% to $177,340. And the number of days that a home is on the market has dropped by 15% to 68 days from 80 days. |
| MLS Area | Community | Average Sales Price | % Change in 1 Year | | | | | | | 441 | NW Thurston | $ 208,245 | -12% | | 442 | Black Hills | $ 188,634 | 14% | | 443 | Tumwater | $ 195,655 | 7% | | 444 | Olympia Westside | $ 199,770 | -11% | | 445 | Boston Harbor | $ 221,634 | 7% | | 446 | NE Thurston | $ 235,522 | 14% | | 447 | Olympia North | $ 174,625 | 15% | | 448 | Olympia South | $ 200,356 | 16% | | 449 | Olympia East | $ 244,850 | -4% | | 450 | Lacey | $ 161,609 | 12% | | 451 | Hawks Prairie | $ 170,937 | 17% | | 452 | SE Thurston | $ 167,968 | 11% | | 453 | Yelm/Rainier | $ 142,450 | 10% | | 454 | Tenino/Bucoda | $ 134,140 | -5% | | 455 | Rochester | $ 120,135 | -6% | | Source: Compiled from NWMLS database (Closed Sales and Closed Ave. Prices, Single Family Homes: Jan. 1- March 31) |
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