Early Slowdown Signs in Olympia

Following up on the Olympia market is today’s story in The Olympian: Home sales surge in August

He noted that there were 1,038 homes listed for sale last month, a 9 percent increase from 955 listings a year ago. Also, he said, homes that sold last month were listed an average of 45 days, 8 days longer than in July.

“That’s due to a lot of new construction and reflects new developments available in the marketplace,” [Jerry] Wilkins [manager of the Olympia MLS] said.

While these are both sure signs of a slowdown, that didn’t stop prices from continuing to make record gains.

The region’s $237,900 median sales price in August set a record that was 26 percent higher than the $189,500 median price of a year ago.

However, if the increasing inventory is a trend that continues, prices will eventually slow down with it. How long will that take and will it really happen? Who knows.

(Jim Szymanski, The Olympian, 09.07.2005)

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

One comment:

  1. 1
    Anonymous says:

    Yeah, the hissing sound is getting louder. I never understood why housing in Oly was going up so fast, it’s not like a lot of industry has been moving to town.

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