Market update for week ending 5/16/08

Well, the new listings just keep coming! This past week there have been 78 new listings total in the Olympia/Lacey/Tumwater areas (single family residential only). The pattern of what price ranges are being represented is staying pretty constant:
Under $200,000 - 6 new listings
$200-249,999 - 17
$250-299,999 - 16
$300-349,999 - 13
$350-399,999 - 10
$400-499,999-7
Over $500,000 - 9

We also have had 41 listing go under contract in this same time period (notice that almost twice as many are coming onto the market as are going off - still tilted in favor of buyers in most cases!)

The pending sales look like this:
Under $200,000 - 5
$200-249,999 - 15
$250-299,999 - 8
$300-349,999- 4
$350-399,999 - 4
$400-499,999 - 2
Over $500,000 - 3

With our weather getting decidedly summery and spring/summer blossoms making our community look sensational, activity does seem to be on the increase. Plus we are approaching the time of year that often sees a burst of sales with families hoping to close and get moved during summer vacation.

By the way - for those new pending sales, the average time on the market was 93 days which is actually a pretty "normal" mark for our area historically. And I notice that within the ones going under contract, there are 13 that took less than 30 days - pricing correctly continues to be absolutely crucial!!