CityofOceanShores Newsletter ~ 2nd Quarter 2012‏

Greetings from the beach…

Real Estate on the beach is finally picking up speed. Homes and lots are selling much better than they were last year at time. 


Ocean Shores Residential Sales
Residential home sales spiked over 78% from 1st quarter to the last as 50 homes sold during the past three months. Average sales prices for the same time frame jumped over 20%. Sellers received 96.59% of asking price. After two quarters last year, only 67 homes had sold versus this year where we’ve had 78 sales (an increase of over 16%). Some good news finally…

Eighteen of the 50 homes (36%) that sold during the 2nd quarter were either foreclosures or short sales. This is a reduction in that percentage as nearly 47% of all houses sold during the first quarter were foreclosures. The average price of a foreclosure sold this quarter was $95,829, while the average price of a non-distressed home was $149,731.

There are 25 homes currently pending for an average list price of $128,452. Seven or 28% of them are foreclosures.

There are currently 263 (up from 228 last quarter) homes on the market. Only 30 or 11.4% of these are distressed properties (short sales or foreclosures).  We are seeing that the number of foreclosures and distressed sales are finally (and hopefully!) starting to phase out.  If you think that are a lot of homes on the market, you might be surprised to find out that there’s actually 31 less homes (a 11% decline in inventory from 294 last year on July 1st, 2011) on the market today that there were last year at this time.

 

  Check out property listings from your smart phone here!  
2nd Quarter 2012 Home Sales
The average home that sold last quarter in Ocean Shores was 1,478 square feet and took 232 days to sell. There are 263 Homes on the market (there were 228 last quarter) ~ Average list price: $210,917 (up from $203,283 last quarter)… ~ Average of 275 Days on Market. One has been on the market for 2,516 (not my listing & maybe a price reduction is in order…) in case you’re frustrated if you’re trying to sell one… There are 25 Homes pending… ~ Average list price of those: $128,452.
Quarterly Home Sales
* 50 Homes Sold during 2nd Quarter 2012 ~ Average Sales Price $126,399 ~ Average of 232 Days on Market. Price Range: $16,000- $375,000.
* 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.

FACEBOOK

 
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 holding steady at hardly selling at all…
2nd Quarter 2012 Condo Sales
Two Condos sold during the first quarter of 2012 and two more sold this most recent quarter totaling 4 condo sales this year so far. The only good news here is that the average price jumped from $26,750 from 1st quarter to $72,500 for the 2nd quarter. Average time on the market was 1141 days (not a typo) compared to 282 for the 1st quarter. There are 51 condos on the market right now compared to 39 last quarter for an average list price of $130,197 (last quarter was $138,997). There were four condos pending at the beginning of the second quarter for an average list price of $77,200. Today there is only one pending condo (an Ocean View Estates foreclosure) for a list price of $184,900.
Quarterly Condo Sales

* 2 Condos Sold during 2nd Quarter 2012 ~ Average Sales Price: $72,500 ~ Average of 1141 Days on Market. Price Range: $55,000 – $90,000.
* 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 jumped over 30% from the previous sales quarter which had an increase of nearly 25%, so lot sales are definitely up (mainly to sellers who dropped their prices…). Cheap lots are selling. Nice waterfront lots are hardly selling at all.

 

17 out of the 47 lots that sold last quarter went for $10,000 or less. Prices are starting to climb a little bit. Average sales price for 2nd quarter was $21,174 – a jump of over 3% from 1st quarter’s average price of $20,535. Lots are very cheap at the beach. There are still almost 50 lots on the market for $10,000 or less right now.

 


2nd Quarter 2012 Vacant Lot Sales/Stats
There are 461 lots on the market compared to 443 Lots at the end of the 1st quarter. Average list price is $47,841 and average time on the market is 504 days (one has been on the market now for 2,943 days….).  There are 16 lots currently pending compared to 26 Lots pending at the beginning of 2nd quarter. Also, like homes, there are less lots on the market today than there were a year ago (518 lots on the market on July 1st, 2011).
Quarterly Vacant Lot Sales
* 47 Lots Sold during 2nd Quarter 2012 ~ Average Sales Price: $21,174 ~ Average of 307 Days on Market. Price Range: $5,000 – $64,000.
* 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.


www.cityofoceanshores.com update
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! 

 

 Click on the little dude with a shovel in his hands for something to do every day in Ocean Shores & Grays Harbor!

 

Upcoming Things to Do in Ocean Shores

8th Annual Ocean Shores Big Weekend Tri & Foot Fest
July 14-15
Join us for a weekend filled with running, biking and swimming race events! The Ocean Shores Big Weekend Tri & Foot Fest hosts no fewer than eleven race events, including a half iron relay, half iron triathlon, a Olympic relay triathlon, a Olympic and sprint triathlon, a half iron and Olympic distance (Bike/Run) a 13.1-mile half marathon, a 10K and a 5K race, and a triathlon for kids. http://trifreaks.com/OSEventOverview.aspx

Sun & Surf Run
July 26-29
Come on down and join 3,000 bikers having fun and raising funds for charity. We have the whole town of Ocean Shores welcoming us! There’s lots going on including Sun and Surf 2011 Run Pin, Bike Show, Bike Games, Poker Run, Tattoo Contest, Biker Babe Contest, Friday Night & Saturday Night Concert, bar & auction & tons more. 

Ocean Shores “Old Fashion Labor Day Picnic”
September 1
The business community of Ocean Shores is sponsoring the Ocean Shores “Old Fashion Labor Day Picnic” on Saturday, September 1, 2012 at North Bay Park. Picnic Hours are from 11 a.m. to 3 p.m. followed by the Rubber Duckie Race to benefit local charities at 3:30 p.m. Admission is free!! Bring a blanket and your picnic basket or take advantage of the many food vendors that will be on hand. There will be something fun for all ages at this gala event.

 

Life’s @ the Beach!


Jeff Daniel                  
Managing Broker

John L. Scott Ocean Shores

Cell Phone: 360.581.9020
711 Point Brown Ave NW

Ocean Shores, WA 98569

360.289.2454 (fax)

 

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