Market Trends
Fast-paced real estate market continues in first quarter of 2003
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 $177,340. And the number of days that a home is on the market has dropped by 15% to 68 days from 80 days.
Average Prices 2003
Through March 31, 2003 compared to the same period in 2002.
MLS AreaCommunityAverage Sales Price% Change in 1 Year
441NW Thurston$ 208,245-12%
442Black Hills$ 188,63414%
443Tumwater$ 195,6557%
444Olympia Westside$ 199,770-11%
445Boston Harbor$ 221,6347%
446NE Thurston$ 235,52214%
447Olympia North$ 174,62515%
448Olympia South$ 200,35616%
449Olympia East$ 244,850-4%
450Lacey$ 161,60912%
451Hawks Prairie$ 170,93717%
452SE Thurston$ 167,96811%
453Yelm/Rainier$ 142,45010%
454Tenino/Bucoda$ 134,140-5%
455Rochester$ 120,135-6%
Source: Compiled from NWMLS database (Closed Sales and Closed Ave. Prices, Single Family Homes: Jan. 1- March 31)