So How Was July Real Estate?

I compiled an update of market info for current listings, as well as new listings and new pending sales that happened in July for single family homes in Olympia/Lacey/Tumwater. And here is what I found:

Current available listings - 1396

New listings in July/New pending sales in July:

Under $200K - 26 26
$200-249K - 68 65
$250-299K - 91 43
$300-349K - 36 24
$350-399K - 31 13
$400-499K - 47 12
Over $500K - 46 9


So...still lots of homes available for buyers! And despite the continued tightening of loan criteria, there are still mortgage options for buyers with decent credit - especially if they do have down payment funds available.

And the new listings, new pending sales detail confirms what my gut impression would have been - under $200,000 homes are selling well and speedily. Note that there were exactly as many absorbed into pending sale status as new ones coming on the market in that price category.

The largest number of sales continues to be under $300,000. While just over 53% of new listings were in this price category, a whopping 69.79% of the new pending sales were - almost 70%!

And it is clear that homes over $400,000; especially over $500,000 are moving very, very slowly - only 21 sales total in the over $400K price category.

So, seems to still be the case that buyers have good options and potentially some negotiating clout. Sellers must price their homes as close to what they truly will sell for as possible and have them in tip top condition and ready to show well from day one on the market. And if the list price is over $400,000, sit back and draw on all your patience as it may take a while!