Ocean Shores Real Estate ~ Third Quarter 2014 Review

Ocean Shores Real Estate ~ Third Quarter 2014 Review

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Greetings from the beach…
Sales are up and continuing to improve at the beach. Prices are still low, however, and they’ll likely stay that way until the foreclosures go away which should be very soon…. I hope.

 About OS

Ocean Shores Residential Sales
Home Sales are up over 28% so far this year!
Ocean Shores residential real estate sales are way up and inventory is decreasing. 76 homes sold last quarter compared to 63 in the second quarter. This has been the strongest quarter of residential sales that we have seen at the beach in a very long time. As it stands right now through three quarters, 193 homes have sold so far in Ocean Shores this year, compared to 150 last year during the same time period. That’s an increase of over 28% in home sales at the beach this year so far. The biggest problem, still, is the number of foreclosures on the market. Currently, just over 8% of all the homes on the market are foreclosures. Once this number gets lower, average prices will jump.

2014 Home Sales (3rd Quarter)
The average home that sold during 3rd quarter in Ocean Shores was 1,443 square feet and took 202 days to sell compared to 1,413 square feet and 285 days during the 2nd quarter. 12 of those homes sold were listed as “bank-owned.” Sellers last quarter on average received 95.54% of asking price ~  There are 237 homes on the market right now compared to 255 at the end of last quarter ~ Average of 243 days on market. One has been for sale for 3,349 days now (coming up on ten years now for this same house that’s in this report every quarter…) – not my listing, but, they did finally reduce the price… There were 42 Homes pending on October 1st compared to 32 on July 1st.

2014 Quarterly Home Sales
* 76 Homes Sold during 3rd Quarter 2014 ~ Average Sales Price $142,752 ~ Average of 202 Days on Market. Price Range: $20,000 – $395,000.
* 63 Homes Sold during 2nd Quarter 2014 ~ Average Sales Price $145,274 ~ Average of 285 Days on Market. Price Range: $30,000 – $368,950.
* 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.

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
The number of condo sales doubled in the third quarter from the second. There are only a very few Ocean View condos available that aren’t condotels.

2014 Condo Sales (3rd Quarter)
The average condo that sold last quarter in Ocean Shores was 1028 square feet compared to 434 square feet the previous quarter. All four condos that sold last quarter were ocean front and all were down south near the North Jetty. There are 34 condos on the market (27 last quarter) for an average list price of $99,185. Seven condos were pending at the beginning of October (4 of those already sold as of 10/12).
2014 Quarterly Condo Sales
* 4 Condos Sold during 3rd Quarter 2014 ~ Average Sales Price: $127,225 ~ Average of 353 Days on Market. Price Range: $85,000 – $172,500.
* 2 Condos Sold during 2nd Quarter 2014 ~ Average Sales Price: $35,000 ~ Average of 154 Days on Market. Price Range: $20,000 & $50,000.
* 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.

Ocean Shores Vacant Lot Sales
Lot sales are up over 8% so far this year over last.

69 Lots sold last quarter compared to only 42 the previous quarter. Average sales prices are way down due to the number of lots selling for under $10,000. Thirty-one of the 69 lot sales sold for $10,000 or less. The most expensive lot sale was a gorgeous lake lot that sold for $78,000.

2014 Vacant Lot Sales (3rd Quarter)
Twenty lots were pending on October 1st. There are 559 (506 last quarter) lots on the market right now for an average list price of $45,409. The City recently put nearly 200 foreclosure lots on the market. All LID’s are paid on these lots. If you would like the list of foreclosure lots, just reply to this email asking for the list. Thanks.
2014 Quarterly Vacant Lot Sales
* 69 Lots Sold during 3rd Quarter 2014 ~ Average Sales Price: $16,307 ~ Average of 259 Days on Market. Price Range: $4,000 – $78,000.
* 42 Lots Sold during 2nd Quarter 2014 ~ Average Sales Price: $25,127 ~ Average of 227 Days on Market. Price Range: $3,000 – $265,000 (triple lot on the water).
* 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.

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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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