www.CityofOceanShores.com 2012 Year in Review‏

Greetings from the beach…

Another year has passed at the beach and the real estate market looks like it’s finally flattened out. Average prices were down a tad bit for the entire year, but on a quarterly basis, they kept going up… The really weird thing is that we sold the exact same number of condos and houses in 2012 as we did in 2011…

Ocean Shores Residential Sales
The Ocean Shores residential real estate market stayed pretty flat in 2012 compared to 2011 and all things considering, that’s not that bad of a thing. 169 homes sold in both 2011 and 2012. Prices dipped just a little bit from $143,192 in 2011 down to $138,995 in 2012. That’s a drop of around $4,000 and can be attributed to a few give-away sales by some small shacks in horrible condition that probably should’ve been torn down. We did see one of our largest sales ($580,000) in nearly three years though. Just over 26% (45) of the 169 homes sold last year were either short sales or foreclosures. This high number of short-sales, bank-owned houses as well as repos from Freddie Mac and Fannie Mae have done some serious damage to property values at the beach (the whole country for that matter)… The average price of one of these homes was only $92,317, compared to the overall average sales price of $138,995. Without the foreclosures and a few short sales, the average price of a home in Ocean Shores last year was $155,935. The good news for now though is that only 13 out of the 181 homes on the market today are foreclosures. Hopefully that number falls off a cliff… so to speak…  The other surprising news is that the home inventory (on the market) in Ocean Shores hasn’t been as low as it is now in a long time.

2012 Home Sales
The average home that sold last year in Ocean Shores was 1422 square feet and took 204 days to sell compared to 1283 square feet and 223 days in 2011. There are only 181 Homes on the market (there were 207 last year at this time) ~ Average list price: $188,161 (it was $199,075 last year at this time) ~ Average of 345 Days on Market. One has been on the market for 2,702 days now (that’s over 7 years!) in case you’re frustrated that your house hasn’t sold yet… There are 24 Homes pending (up 4 from last year)… ~ Average list price of those: $154,113 (it was only $119,728 last year).
* 169 Homes sold in 2012 for an average sales price of $138,995 (cheapest was $12,000 – most expensive was $580,000).
* 169 Homes sold in 2011 for an average sales price of $143,192 (cheapest was $32,905 – most expensive was $405,000).

* 179 Homes sold in 2010 for an average sales price of $170,724 (cheapest was $28,000 – most expensive was $520,000).
* 180 Homes sold in 2009 for an average sales price of $173,421 (cheapest was $31,500 – most expensive was $495,000).
Check out property listings from your smart phone here!

2012 Quarterly Home Sales
* 47 Homes Sold during 4th Quarter 2012 ~ Average Sales Price: $161,191 ~ Average of 179 Days on Market. Price Range: $17,500 – $580,000.
* 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.

 


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Ocean Shores Condo Sales
2012 was a decent year for condo sales in Ocean Shores and like residential sales, they were flat. 17 Condos sold last year just like 2011 and even just like 2010. The bad news is that some condo developers dropped their prices dramatically (good news for buyers though!) which ultimately dropped the average prices nearly 28%! Most of the condos that sold in Ocean Shores were condos at Ocean View Estates. The upcoming scare for the condo market in town has to be that it appears that the Villages will be putting their inventory back on the market sometime this year now that the project was sold off (for $1.6 million by the way) by the bank. If the Village’s does put all of their condos back on the market, look for the inventory increase to damper sales…

2012 Condo Sales
The average condo that sold last year in Ocean Shores was 920 square feet and took 401 days to sell compared to 920 square feet and 430 days in 2011. Four out of the 17 condos sold were foreclosures. There are only 39 condos on the market (same number last year at this time) for an average list price of $122,894 (compared to $121,393 last year). There are zero condos pending  currently compared to two last year.

* 17 Condos sold in 2012 for an average sales price of $107,191 (cheapest was $25,000 – most expensive was $215,000).
* 17 Condos sold in 2011 for an average sales price of $141,906 (cheapest was $5,000 (time share) – most expensive was $224,900).
* 17 Condos sold in 2010 for an average sales price of $111,965 (cheapest was $25,000 – most expensive was $259,000).
* 25 Condos sold in 2009 for an average sales price of $138,468 (cheapest was $41,000 – most expensive was $350,000).

2012 Quarterly Condo Sales
* 9 Condos Sold during 4th Quarter 2012 ~ Average Sales Price: $120,471 ~ Average of 349 Days on Market. Price Range: $45,000 – $190,000.
* 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.

  

Ocean Shores Vacant Lot Sales
Vacant land sales increased dramatically this year at the beach. In fact, there haven’t been this many lot sales in Ocean Shores since 2008 (189 sales). The constant challenge of getting buyers to assume the Street LID or getting sellers to pay it off is still a challenge in obtaining sales but it’s not nearly as bad as it was last year. Like last year, a lot of sellers dropped their prices to unload these lots to really low prices which did motivate numerous buyers to take advantage of the cheap pricing. 62 of the 167 lots sold this year sold for $10,000 or less… There are only 45 lots listed for $10,000 or less currently… Lot prices will start going up this year…

2012 Vacant Lot Sales
There are currently 392 (416 last year) lots on the market for an average list price of $44,675 ($49,007 last year). There are 8 lots currently pending for an average list price of $22,450. It took 388 days to sell a vacant lot in 2012 compared to 320 days in 2011. One lot took 2,197 days to sell…

* 167 Lots sold in 2012 for an average sales price of $21,237 (cheapest was $4,000 – most expensive was $95,000).
* 136 Lots sold in 2011 for an average sales price of $27,987 (cheapest was $4,999 – most expensive was $175,000).
* 159 Lots sold in 2010 for an average sales price of $27,953 (cheapest was $5,000 – most expensive was $179,500).
* 134 Lots sold in 2009 for an average sales price of $34,968 (cheapest was $8,500 – most expensive was $155,000).

2012 Quarterly Vacant Lot Sales
* 34 Lots Sold during 4th Quarter 2012 ~ Average Sales Price: $19,394 ~ Average of 437 Days on Market. Price Range: $4,000 – $75,000.
* 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.

2012 Multifamily Sales
Five Multifamily buildings sold in Ocean Shores compared to only one sale in 2011 and one sale back in 2010. Three 4-plexes, 1 duplex and the foreclosed on “Villages” sold at auction for $1,600,000. The buyers of the Villages project plan on first upgrading the existing building and then continuing to develop the rest of the site.

2012 Commercial Property Sales
Five Commercial buildings sold in 2012 compared to three in 2011 and two in 2010. Average sales price was $136,360 versus $200,500 last year. 

  

Total Real Estate Sales for all of Grays Harbor
2012 – 1004 Transactions with a total volume of $101,896,506.
2011 – 1038 Transactions with a total volume of $112,102,309.
2010 – 987 Transactions with a total volume of $115,558,046.
2009 – 936 Transactions with a total volume of $120,726,549.

Harbor Home Sales
673 Homes sold in Grays Harbor County in 2012. Average price: $122,038.

695 Homes sold in Grays Harbor County in 2011. Average price: $134,342.

652 Homes sold in Grays Harbor County in 2010. Average price: $145,991.
626 Homes sold in Grays Harbor County in 2009. Average price: $152,428.
Harbor Home Sales Summary
Ocean Shores – 169 Homes sold for an average price of $138,995.
Aberdeen – 161 Homes sold for an average price of $84,702.
Hoquiam – 85 Homes sold for an average price of $82,307.
Elma – 63 Homes sold for an average price of $147,625.
Montesano – 63 Homes sold for an average price of $169,320.
Westport – 35 Homes sold for an average price of $140,753.
McCleary – 28 Homes sold for an average price of $125,859.
Cosmopolis – 16 Homes sold for an average price of $153,338.
Pacific Beach – 12 Homes sold for an average price of $209,998.
Grayland – 9 Homes sold for an average price of $75,489.
Moclips – 6 Homes sold for an average price of $170,446.
Oakville – 6 Homes sold for an average price of $110,500.
Copalis Beach – 3 Homes sold for an average price of $156,000.

Harbor Condo Sales
31 Condos sold in Grays Harbor County in 2012. Average price: $129,226.
31 Condos sold in Grays Harbor County in 2011. Average price: $137,858.
41 Condos sold in Grays Harbor County in 2010. Average price: $124,232.
43 Condos sold in Grays Harbor County in 2009. Average price: $159,185.

Ocean Shores vs Westport Condo Sales
Westport – 15 (13 in 2011) Condos sold in 2012: Average price: $154,200.
Ocean Shores – 17 (17 in 2011) Condos sold in 2012. Average price: $107,191.

Harbor Vacant Lot Sales
258 Vacant Lots sold in Grays Harbor County in 2012. Average price: $37,583.
263 Vacant Lots sold in Grays Harbor County in 2011. Average price: $43,800.
240 Vacant Lots sold in Grays Harbor County in 2010. Average price: $43,099.
206 Vacant Lots sold in Grays Harbor County in 2009. Average price: $44,004.
Harbor Vacant Lot Sales Summary
Ocean Shores – 167 Lots sold
Aberdeen – 24 Lots sold
Westport – 11 Lots sold
Elma – 9 Lots sold
Hoquiam – 7 Lots sold
McCleary – 7 Lots sold
Pacific Beach – 7 Lots sold
Grayland – 6 Lots sold
Copalis Beach – 5 Lots sold
Montesano – 5 Lots sold

Washington Coastal Community Comparisons

Residential sales on Washington’s coast were down or flat for the most part. Some areas were actually up though. Below is a comparison of the four major coastal areas.

Ocean Shores / Ocean City
* 171 Homes sold in 2012 for an average sales price of $138,627. Total volume was $23,705,239.
* 171 Homes sold in 2011 for an average sales price of $143,482. Total volume was $24,535,361.
* 181 Homes sold in 2010 for an average sales price of $169,776. Total volume was $30,726,526.

Long Beach / Ocean Park
* 156 Homes sold in 2012 for an average sales price of $120,043. Total volume was $18,726,719.
* 133 Homes sold in 2011 for an average sales price of $149,703. Total volume was $19,910,500.
* 150 Homes sold in 2010 for an average sales price of $161,531. Total volume was $24,229,648.

Westport / Grayland
* 44 Homes sold in 2012 for an average sales price of $127,404. Total volume was $5,605,763.
* 62 Homes sold in 2011 for an average sales price of $126,160. Total volume was $7,821,944.
* 42 Homes sold in 2010 for an average sales price of $133,945. Total volume was $5,625,700.

Seabrook / Copalis Beach / Moclips / Pacific Beach
* 21 Homes sold in 2012 for an average sales price of $190,983. Total volume was $4,010,653.
* 34 Homes sold in 2011 for an average sales price of $269,781. Total volume was $9,172,538.
* 23 Homes sold in 2010 for an average sales price of $273,591. Total volume was $6,292,590.

Thanks for another great year!
I really need to thank all of my patient sellers & buyers along with all the great real estate agents that I worked with in 2012 to make it a great year for me in real estate! This year I finished at the top of the list with nearly 14% of all the sales in town. This has been my first full year at John L. Scott and I still can’t tell you what a great office, company and atmosphere we have. Additionally, the johnlscott.com website and the new John L. Scott app are great! John L. Scott is the top-producing brokerage in Ocean Shores with the most brokers, listings and sales. The office did over 34% of all the real estate business in town last year. Thank you!

 

Website Updates
Also, do me a favor and check out the updated 
www.cityofoceanshores.com website (I’ve made lots of changes/additions) and let me know if you have any comments. Thanks!

Upcoming Things to Do in Ocean Shores

Click the picture for something to do every day in Ocean Shores & Grays Harbor!

 

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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