Ocean Shores Real Estate ~ First Quarter 2014 Review

 

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Greetings from the beach…
2014 is off to a great start following last year – which was the first “up” year that we’ve seen out here in a long time. Home sales are up as well as average prices. Same goes with vacant lots. Even commercial sales are going well. The real estate market here is getting better, but we’ve still got a long way to go before I’ll call it good.

  
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Ocean Shores Residential Sales
The Ocean Shores residential real estate market increased over 36% from 1st quarter 2014 versus the same quarter in 2013. That’s awesome news. 52 homes sold compared to only 38 in 2013. This has been the strongest 1st quarter that we’ve seen at the beach in a long time. Home prices increased a little over 5.6% this past quarter as well from the previous quarter in 2013. The average home sale was $156,384. The most expensive home to sell so far this year was $385,000 which was a very nice, newer bay front home. Home inventory is down over 16% from last year which is also very good news. Just over 13% of our home sales were foreclosures this past quarter compared to 18% in 2013. This number should be in the single digits next quarter as there are only 21 foreclosures on the market today in Ocean Shores.
2014 Home Sales (so far)
The average home that sold during 1st quarter in Ocean Shores was 1,498 square feet and took 241 days to sell compared to 1,475 square feet and 242 days in 2013. There are only 217 homes on the market right now compared to 259 at this time last year. This is an inventory decline of over 16% ~ Average list price: $210,447 ~ Average of 274 days on market. One has been for sale for 3,165 days now (that’s almost 9 years for this same house that’s in this report every quarter…) – not my listing… There were 35 Homes pending on April 1st compared to 27 on January 1st, 2014.
2014 Quarterly Home Sales
* 52 Homes Sold during 1st Quarter 2014 ~ Average Sales Price $156,384 ~ Average of 241 Days on Market. Price Range: $23,000 – $385,000.
* 49 Homes Sold during 4th Quarter 2013 ~ Average Sales Price: $153,136 ~ Average of 217 Days on Market. Price Range: $25,000 – $347,000.
* 70 Homes Sold during 3rd Quarter 2013 ~ Average Sales Price $141,161 ~ Average of 224 Days on Market. Price Range: $27,500 – $300,000.
* 42 Homes Sold during 2nd Quarter 2013 ~ Average Sales Price $151,355 ~ Average of 236 Days on Market. Price Range: $27,000 – $327,000.
* 38 Homes Sold during 1st Quarter 2013 ~ Average Sales Price $148,002 ~ Average of 316 Days on Market. Price Range: $25,000 – $385,000.

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Ocean Shores Condo Sales
Four Condos sold during 1st quarter compared to five in the same quarter during 2013. Condo inventory and prices are way down. The most expensive condo on the market right now is $164,900. There are only a few Ocean View condos available.

2014 Condo Sales (so far)
The average condo that sold last quarter in Ocean Shores was 807 square feet and took 161 days to sell. One of the four sold was a foreclosure. There are only 27 condos on the market (29 last year at this time) for an average list price of $102,098 (compared to $92,755 last year). One condo is currently pending and listed at $125,000.

2014 Quarterly Condo Sales
* 4 Condos Sold during 1st Quarter 2014 ~ Average Sales Price: $98,625 ~ Average of 161 Days on Market. Price Range: $28,000 – $180,000.
* 1 Condo Sold during 4th Quarter 2013 ~ Sales Price: $130,000 ~ 166 Days on Market.
* 8 Condos Sold during 3rd Quarter 2013 ~ Average Sales Price: $132,488 ~ Average of 352 Days on Market. Price Range: $32,000 – $287,000.
* 5 Condos Sold during 2nd Quarter 2013 ~ Average Sales Price: $125,590 ~ Average of 225 Days on Market. Price Range: $50,000 – $215,000.
* 5 Condos Sold during 1st Quarter 2013 ~ Average Sales Price: $104,580 ~ Average of 357 Days on Market. Price Range: $27,900 – $185,000.

 

 

Ocean Shores Vacant Lot Sales
Vacant land sales increased a bit this past quarter compared to the same quarter in 2013. The number of sales increased from 29 to 35 (increase of 20%) this year while the average price went up just a few hundred dollars. Sixteen of the 35 lots sold were sold for $10,000 or less. There are only 61 (64 last year) lots listed for $10,000 or less currently…
2014 Vacant Lot Sales (so far)
There are 440 (441 last year) lots on the market right now for an average list price of $48,171 ($44,946 last year). There are 14 (16 last year) lots currently pending. It took 367 days to sell a vacant lot compared to 313 days in 2013.

2014 Quarterly Vacant Lot Sales
* 35 Lots Sold during 1st Quarter 2014 ~ Average Sales Price: $22,732 ~ Average of 367 Days on Market. Price Range: $3.000 – $140,000.
* 41 Lots Sold during 4th Quarter 2013 ~ Average Sales Price: $15,495 ~ Average of 318 Days on Market. Price Range: $800 – $50,000.
* 53 Lots Sold during 3rd Quarter 2013 ~ Average Sales Price: $22,517 ~ Average of 378 Days on Market. Price Range: $5,000 – $150,000.
* 53 Lots Sold during 2nd Quarter 2013 ~ Average Sales Price: $18,597 ~ Average of 247 Days on Market. Price Range: $5,000 – $85,000.
* 29 Lots Sold during 1st Quarter 2013 ~ Average Sales Price: $22,266 ~ Average of 312 Days on Market. Price Range: $5,500 – $63,500.

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cityofoceanshores.com Update
www.cityofoceanshores.com has been completely overhauled, update and is pretty cool. Please check it out. Thank you!

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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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