Olympia real estate experiences ups and downs

Although some areas in Thurston County were popular destinations for buyers last year, this year will be a year of transition for Washington’s housing market.
Depending on the pace of economic recovery and the future of some areas of the economy that still need to begin improving, some economists expect that the residential housing market will improve in 2011. Although there are high hopes for improvement in residential real estate, there are predictions that it could take until 2012 for the commercial real estate market to improve.

However, this all depends on a few factors, such as the easing of credit from community banks, consumer confidence and the absorption of excess housing.
While large, national banks have begun lending again, state-chartered community banks are still experiencing tight credit.

In addition to this downfall for local markets, consumers continue to be strongly influenced by unemployment rates and the price of gasoline; therefore there is still a lack of confidence on their end. According to state Employment Security Department data, this is largely due to Washington’s unemployment rate hitting 9.5 percent as of December.

As if the current housing market didn’t have enough problems, the formation of new households has also slowed due to college graduates moving back in with their parents due to a higher than usual unemployment rate. Economists say that this will have to change and excess housing will need to be absorbed before there is a self-sustained growth in residential real estate.

On the other hand though, certain areas of the Olympia real estate market saw increases in homes sold despite Thurston County home sales falling 7.5 percent in 2009.

According to preliminary year-end Northwest Multiple Listing Service data, of the 2,938 single-family homes and condos that sold in Thurston County last year, 1,425 were in suburbs of Olympia.

The Olympia metro area has spots that have done well recently in real estate sales as well. These are neighborhoods such as South Capitol, which has historically been a destination for government and other white-collar workers. In addition, the data shows that the median price in the Boston Harbor Road area of Olympia, which is popular due to its location near the water but has high prices due to the low quantity, increased in the past year, as did sales. The year-to-date median price for the area rose to $367,500 in 2009 from $354,950 in 2008. Sales, meanwhile, increased to 50 units last year from 40 in 2008.

Olympia Real Estate

Located on the southern part of the Puget Sound region, Olympia is the capital city of the state of Washington. It is the administrative seat of the state and thus an important center of activity. Olympia also serves as the seat of the Thurston County, Washington. The city was incorporated in 1859 and houses a population of approximately 42,514.

Olympia is connected to different parts of Washington via the Amtrak rail network. Intercity Transit operates bus services in the area as well. Olympia is served by the Olympia School District. There are a number of academic institutions of repute offering quality education in this area.

The numerous parks and recreational areas of Olympia, Washington, offer people the opportunity to indulge in activities like hiking, biking, and so on. Some of the popular parks are Woodard Bay Natural Resources Conservation Area, Watershed Park, Percival Landing Park, and many others.

The city of Olympia is a well-known center of arts and culture. Music, art and sculpture are integral units of the city’s culture. The different theater companies like the Olympia Family Theater, the Capitol Playhouse and others are popular for their productions. Olympia also hosts a national film festival every year.

The pleasant living conditions in Olympia make it one of the popular destinations when it comes to real estate investments. The reasonable prices of Olympia real estate are also another factor for the popularity of the region. The average listing price of Olympia homes for sale is $312,996 as recorded in the week that ended on February 10.

There are a number of options available when it comes to Olympia WA homes for sale. You can buy a 2 bedroom 2 bathroom single family home for something about $199,000. But for a 3 bedroom 3 bathroom apartment in a popular neighborhood you need to pay approximately $1,695,000.

Before you start looking for your dream home, it is essential to take note of certain things. It is necessary to know your requirements before you start a property search. You also need to fix a budget. This way you could narrow down your search and look for a suitable Olympia house.

It is advisable that you contact an Olympia real estate agent if you want to buy or sell a property. You could check out the property listings and find a house that suits your needs and budget. An expert real estate agent would also be able to help you with negotiating a deal and completing the formalities.

You need to choose a real estate agent carefully. Opt for someone with experience. You could also check out the client testimonials and referrals to know their area of expertise. Assistance from a reputed real estate agent would make a property deal a hassle free experience.