City of Ocean Shores Newsletter ~ 3rd Quarter 2012

Greetings from the beach…

Sales are still pushing forward. Prices are creeping up. Foreclosures are fading away. We’re seeing slow & steady growth. Things aren’t so bad in the Ocean Shores real estate market…


Ocean Shores Residential Sales
Residential home sales dipped a little bit as only 43 homes during the 3rd quarter compared to 50 in the second. Average sales prices for the same time frame jumped over 13%. This is the highest average sales price we’ve seen since 3rd quarter last year. Every quarter this year has shown price gains and right now, it’s appearing that 4thquarter will show a increase in average sales price as well.

Fifteen of the 43 homes (about a third) that sold during the 3rd quarter were foreclosures. This number was nearly identical for 2nd quarter. Almost half of all homes sold in the 1st quarter were foreclosures or bank-owned so the number is getting smaller. The average price of a foreclosure sold this quarter was $106,537, while the average price of a non-distressed home was $163,461.

There are 41 homes currently pending for an average list price of $152,566 (up from $128,452 last quarter). The best news in this report is that only two of them are listed as foreclosures. We’ll see how it shakes out next month.

There are currently 257 (down from 263 last quarter) homes on the market. Only 14 or 6% (down from 30 or 11.4% last quarter) of these are distressed properties (government or bank-owned foreclosures).  If you’re thinking of buying a beach house and are waiting for better prices, you better think again. Prices have been going up all year long. Foreclosures are going away. Rates are cheaper than ever. Now is the time to buy.

 

Check out property listings from your smart phone here! 
3rd Quarter 2012 Home Sales
The average home that sold last quarter in Ocean Shores was 1,378 square feet and took 193 days to sell. There are 257 Homes on the market (263 at the end of last quarter) ~ Average list price: $198,867 (down from $210,917 last quarter)… ~ Average of 303 Days on Market. One has now been on the market for 2,610 (again not my listing & this seller hasn’t reduced his price since September 2009…). There are 41 Homes pending (up from 25 at the end of last quarter)… ~ Average list price of those: $152,566 (up from $128,452 last quarter). Next quarter should be good…
Quarterly Home Sales
* 43 Homes Sold during 3rd Quarter 2012 ~ Average Sales Price $143,638 ~ Average of 193 Days on Market. Price Range: $28,050- $400,000.

* 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.
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 still slow….
3rd Quarter 2012 Condo Sales
Three Condos sold during the 3rd quarter of 2012 totaling 7 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 to $146,667 for the 3rd. Average time on the market was 269 days. There are 47 condos on the market right now (down from 51 last quarter) for an average list price of $127,409. Average time on market is 345 days. There is only one condo pending right now, but it’s a nice one (Waterworks) listed for $349,900.}
Quarterly Condo Sales
* 3 Condos Sold during 3rd Quarter 2012 ~ Average Sales Price: $146,667 ~ Average of 269 Days on Market. Price Range: $50,000 – $215,000.
* 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.


Ocean Shores Vacant Lot Sales
Lot sale are going better now than they have in over a year. Final sales prices are definitely down, but activity is way up. This trend will likely continue until all of the cheap lots are gone. When that happens, sales will slow, but prices will start going up again. Buyers looking to score a cheap lot are going to need to do it within the next six months. I’ll be surprised if there are any cheap lots on the market next summer priced under $10,000…
3rd Quarter 2012 Vacant Lot Sales/Stats

There are 457 lots on the market compared to 461 last quarter. Average list price is $45,609 (down from $47,841 last quarter) and average time on the market is 286 days (one has been on the market now for 3,037 days and this seller hasn’t reduced his price since June of 2008….).  There are 11 lots pending right now (compared to 16 at the end of last quarter and 26 at the end of the first quarter).
Quarterly Vacant Lot Sales
* 50 Lots Sold during 3rd Quarter 2012 ~ Average Sales Price: $22,087 ~ Average of 433 Days on Market. Price Range: $4,500 – $95,000.
* 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.

www.cityofoceanshores.com update
If you got a second, do me a favor and check out the updated www.cityofoceanshores.com website. Thanks!

 

A Good Article about Websites with Real Estate Listings
Websites operated by real estate brokerages have more accurate information on for-sale listings in 11 major markets than third-party listing portals Zillow and Trulia.”http://www.inman.com/news/2012/10/3/redfin-study-knocks-zillow-trulia-listings-accuracy

 

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

Razor Clam Digging
October 13-14
The first dig of the year is coming right up. More digs will be announced shortly. Visit http://www.facebook.com/pages/365-Things-To-Do-In-Ocean-Shores-Grays-Harbor-County/105036989568282 to keep up with future clam digs.

8th Annual Irish Music Festival
October 25-28
The West Coast’s Largest Irish Music Festival. 6 stages, 4 venues and 20 great bands. Come tip a pint and kick up your heels Thursday October 20 through Sunday the 23th. For more information and a schedule of the bands and events visit www.galwaybayevents.com

Winter Fanta-Sea
November 23-25
Over 70 arts and crafts booths feature thousands of unique handmade items just in time for the holidays! Bring the kids, Santa will be there to listen to all of your Christmas wishes.

North Beach Singers Christmas Cantata
December 14-15
The North Beach Singers present Yuletide favorites to warm your heart, delight your senses, and welcome the Holiday Season. Admission is free, canned food donations appreciated and help support the local food bank.

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)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s