Greetings from the beach…
Pelicans, Grays Whales and Tourists oh my! Yes, the season always seems to come back every April. Even the Sun has been visiting Ocean Shores occasionally this spring. All said, sales action got off to a slow start but some recent nice weather has been bringing buyers out along with the good economic news.
Ocean Shores Residential Sales
The Ocean Shores real estate market is not very good, but it does seem to be improving… Here’s the bad news… Home sales declined 50% from last quarter of 2011 to first quarter of this year as only 28 houses sold during the first quarter. Thirteen of the 28 homes were foreclosures or bank-owned properties, so nearly 47% of all houses sold in Ocean Shores this year, so far, were foreclosures. This is a big jump as just over 25% of all homes sold last year were either short sales or foreclosures. The average sales price of a home during first quarter was $105,318 compared to $130,163 for last quarter or $153,631 from the same first quarter a year ago. Either way, it’s bad. But, it’s important to remember though, that in this small market, it only takes one or two really cheap home sales to destroy these “average sales prices.” We could sell one or two big lake or ocean front houses in the second quarter and that number could jump $50,000!” The average sales price of one of those foreclosures was $82,492 (and this includes two sales that were over $150,000 by the way), so you can see what’s dragging down these average sales prices.
The real good news is that 39 homes were pending to start off the second quarter. However, 18 of those homes are either foreclosures or short sales. Average list price for pending homes is $137,061.
There are currently 228 homes on the market. The other good news for now is that only 12% of these homes are distressed. This number will continue to shrink and eventually more regular home sellers (people not banks or the government) will get to sell. Most of our buyers are coming from the Seattle/Tacoma/Portland area and those markets are experiencing strong real estate comebacks. As those sellers get their homes sold, we’ll continue to see more and more buyers buying at the beach.
Check out property listings from your smart phone here!
1st Quarter 2012 Home Sales
The average home that sold last quarter in Ocean Shores was 1229 square feet and took 207 days to sell. There are only 228 Homes on the market (there were 207 on January 1st) ~ Average list price: $203,283 (up from $199,075 on January 1st)… ~ Average of 289 Days on Market. One has been on the market for 2,436 (not my listing!) in case you’re frustrated that your house hasn’t sold yet… There are 39 Homes pending… ~ Average list price of those: $137,061.
Quarterly Home Sales
* 28 Homes Sold during 1st Quarter 2012 ~ Average Sales Price $105,318 ~ Average of 207 Days on Market. Price Range: $12,000- $180,000.
* 56 Homes Sold during 4th Quarter 2011 ~ Average Sales Price: $130,163 ~ Average of 213 Days on Market. Price Range: $32,905 – $360,000.
* 46 Homes Sold during 3rd Quarter 2011 ~ Average Sales Price: $153,207 ~ Average of 237 Days on Market. Price Range: $50,199 – $299,000.
* 32 Homes Sold during 2nd Quarter 2011 ~ Average Sales Price: $140,180 ~ Average of 181 Days on Market. Price Range: $42,750 – $265,000.
* 35 Homes Sold during 1st Quarter 2011 ~ Average Sales Price $153,631 ~ Average of 260 Days on Market. Price Range: $44,000 – $405,000.
Want to know what’s going on in the Ocean Shores Real Estate market more than once a quarter? Be a Fan & “Like” us at http://www.facebook.com/pages/Ocean-Shores-Real-Estate/42604953991. Thanks! By the way, the contents of this newsletter were posted on the facebook page before you got this…
Ocean Shores Condo Sales
Condo sales are slow…. Still…
1st Quarter 2012 Condo Sales
Two Condos sold during the first quarter of 2012 and they were both tiny 336 square foot studio condotel units (http://en.wikipedia.org/wiki/Condo_hotel – a condo hotel, also known as a hotel-condo or a Condotel, is a building used as both a condominium and a hotel). One unit was at the Canterbury and the other at the Polynesian. The average price was $26,750 and they were on the market for an average of 282 days. There are only 39 condos on the market (compared to 137 last year at this time!) for an average list price of $138,997 (compared to $148,274 last year). There were four condos pending at the beginning of the second quarter for an average list price of $77,200. There are 48 condos on the market for an average list price of $133,256.
Quarterly Condo Sales
* 2 Condos Sold during 1st Quarter 2012 ~ Average Sales Price: $27,750 ~ Average of 282 Days on Market. Price Range: $25,000 – $28,500.
* 6 Condos Sold during 4th Quarter 2011 ~ Average Sales Price: $127,133 ~ Average of 190 Days on Market. Price Range: $5,000 – $220,000.
* 5 Condos Sold during 3rd Quarter 2011 ~ Average Sales Price: $144,520 ~ Average of 257 Days on Market. Price Range: $33,000 – $224,900.
* 3 Condos Sold during 2nd Quarter 2011 ~ Average Sales Price: $209,967 ~ Average of 1471 Days on Market. Price Range: $185,000 – $212,000.
* 3 Condos Sold during 1st Quarter 2011 ~ Average Sales Price $108,000 ~ Average of 19 Days on Market. Price Range: $63,000 – $142,000.
Ocean Shores Vacant Lot Sales
Vacant lot sales are up at the beach from the previous sales quarter nearly 25%! Sellers have reduced their prices and many are offering owner financing to move their properties. Cheap lots are selling. Nice waterfront lots are hardly selling at all and if your lot is overpriced – it’s probably not going to sell. The decline in sales prices shouldn’t be of a huge concern though. It simply means that cheap lots are selling and we didn’t have any high-end lot buyers during 1st quarter 2012.
36 lots sold last month which is up 7 from the previous quarter and the same quarter a year ago. Prices are down, but lots are cheap. Real cheap. Average sales price for first quarter was only $20,535 down from $31,724 for the previous quarter. There are almost 50 lots on the market for less than $10,000 right now. That’s crazy and those are the lots that are really selling now. 26 lots were pending at the beginning of April.
There was some recent controversy in town when one city councilmember moved forward with a proposal to phase out camping/RV lots altogether for a variety of reasons. His efforts didn’t get very far, but they did upset a lot of people and particularly all the people who own, use or love their camping lot. To clarify a few things here, prices of lots aren’t down because of the camping issue. They’re down because of the cost of Street LID, the lackluster economy and the fact that lenders aren’t really lending for vacant land more. If you want to buy one, you’ll have to have cash or find one where the owner is willing sell with owner financing. That said, buyers are still buying vacant lots for the same reasons they always have: as an investment, to park an RV on or to build a house on. I haven’t seen any change with new lots coming on the market and prices being slashed because of the recent controversy. In fact, I’ve never heard of a buyer not buying because of the issue or for that matter, I’ve never heard of a seller selling because of the issue. The only issue I’ve ever heard about was from lot owners and potential lot buyers wishing that they could use their lots for longer than 90 days a year. Most people seem to really enjoy the mix of homes and RV lots that we have here in Ocean Shores and frankly, it’s just another reason that makes this place so special.
There is a newly formed group of Ocean Shores property owners called “RVers Support Ocean Shores” (RV SOS). Non-resident lot owners are so scattered all over the country mainly, so it’s hard to keep up on issues impacting your Ocean Shores investment and the challenges facing the community. If you would like to stay better informed regarding issues that impact owning a lot in Ocean Shores, send an email to them at email@example.com.
1st Quarter 2012 Vacant Lot Sales/Stats
There were 443 Lots on the market at the end of the 1st quarter compared to 416 lots on the market at the end of the previous quarter. There were 26 Lots pending at the beginning of 2nd quarter compared to 8 Lots at the end of last quarter.
Quarterly Vacant Lot Sales
* 36 Lots Sold during 1st Quarter 2012 ~ Average Sales Price: $20,535 ~ Average of 383 Days on Market. Price Range: $6,500 – $60,000.
* 29 Lots Sold during 4th Quarter 2011 ~ Average Sales Price: $31,724 ~ Average of 248 Days on Market. Price Range: $4,999 – $175,000.
* 42 Lots Sold during 3rd Quarter 2011 ~ Average Sales Price: $28,346 ~ Average of 303 Days on Market. Price Range: $6,000 – $127,000.
* 36 Lots Sold during 2nd Quarter 2011 ~ Average Sales Price: $25,873 ~ Average of 269 Days on Market. Price Range: $6,500 – $145,000.
* 29 Lots Sold during 1st Quarter 2011 ~ Average Sales Price: $26,355 ~ Average of 220 Days on Market. Price Range: $7,500 – $130,000.
If you got a second, do me a favor and check out the updated www.cityofoceanshores.com website. I’ve added a whole new real estate section with all kinds of cool info. Thanks!
Upcoming Things to Do in Ocean Shores
Photo & Fine Arts Show
Friday, April 20 – Sunday, April 22
Artists and photographers from all over the United States enter this show to win prizes and display their unique photos and works of art.
Washington Coast Cleanup
Saturday, April 21
The annual, coast-wide beach cleanup will be on April 21, 2012. Signup today to help save your favorite beach from household plastics, lost fishing gear, and other kinds of ocean trash that washes up on our Pacific beaches and harms our coastal wildlife.
Clam Digger Rod Run
Saturday, May 12
Spectators are invited to see classic cars, etc, etc.. and enjoy the beer garden!
Grays Harbor County Expo
Friday, May 25 – Sunday, May 27
5 shows packed into the Summer 2012 Kick-Off! Chainsaw Artists, RV Dealers, Home Show Professionals, and Fine Artists from all over the Northwest pack the Ocean Shores Convention Center to kick off the Summer Selling Season!
Life’s @ the Beach!
John L. Scott Ocean Shores
Cell Phone: 360.581.9020
711 Point Brown Ave NW
Ocean Shores, WA 98569