Ocean Shores Real Estate Report ~ 1st Quarter 2015‏

CaptureGreetings from the beach…
First Quarter real estate sales are solid and improving.. The big news is that our home inventory is down over 20% from last year at the same time and the number of pending sales have more than doubled since last quarter. Sales are heating up and only getting better.About OS

Ocean Shores Residential Sales
Fifty-one homes sold during 1st quarter for an average price of $143,694 compared to 54 sales and an average price of $170,990 during 4th quarter last year. While our first quarter numbers aren’t exactly uplifting for sales and average sales prices, it’s our low inventory and the number of pending sales that has sellers getting excited. If inventory continues to remain low, our listing prices will increase. And, as buyers feel like their options are more limited, they’re going to be more inclined to make an offer sooner than later or they’ll likely either pay more or be priced out of the market before they know it.

2015 First Quarter Home Sales
The average home that sold last quarter in Ocean Shores was 1,476 square feet and took 262 days to sell compared to 1,438 square feet and 229 days in 2014. Eleven of the 51 homes that sold were bank-owned or 21%. There are only 175 homes on the market right now and 11 of those are pre-sales meaning that they don’t actually exist and most likely never will… At the end of last quarter, there were 184 homes on the market. Last year at this time, there were 217 homes on the market. Only 10 houses out of the 175 are bank-owned. Inventory is down. Average list price of a home for sale in Ocean Shores right now: $213,097 (it was $206,775 last quarter) ~ Average of 179 Days on Market. One has been on the market for 3,527 days now (or 10 years!) and no, it’s still not my listing. There were 62 Homes pending on April 1st and that’s the biggest news I have to share. There were only 23 homes pending at the end of last quarter. ~ Average list price: $180,709 compared to only $150,48 at the end of last quarter.

Quarterly Home Sales
* 51 Homes Sold during 1st Quarter 2015 ~ Average Sales Price: $143,694 ~ Average of 262 Days on Market. Price Range: $25,000 – $360,000.
* 54 Homes Sold during 4th Quarter 2014 ~ Average Sales Price: $170,990 ~ Average of 196 Days on Market. Price Range: $17,000 – $565,000.
* 76 Homes Sold during 3rd Quarter 2014 ~ Average Sales Price: $142,752 ~ Average of 202 Days on Market. Price Range: $20,000 – $395,000.
* 65 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.

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Ocean Shores Condo Sales
Condo sales are off to a slow start this year. Houses and lot sales are trending upward, but condo sales are likely going to remain flat. All of the really lower-priced condos and foreclosures have pretty much sold. The most expensive condo on the market right now is $269,000 and it’s a gorgeous renovated ocean front next to the North Jetty. There are only a few decent Ocean View/Ocean Front condos available. Most of the available condos on the market right now are “condotels” – such as the Canterbury, Grey Gull and the Polynesian.

First Quarter Condo Sales
Only two condos sold last quarter. One was a nice Ocean Front for $190,000 and the other was an older condo in downtown for $45,000. There are 36 condos on the market (29 last quarter) for an average list price of $113,528 (compared to $114,882 last quarter). Two condos are currently pending – one for $30,000 and one for $120,000.

Quarterly Condo Sales
* 2 Condo Sold during 1st Quarter 2015 ~ Average Sales Price: $140,000 ~ 428 Days on Market. Price Range: $45,000 – $190,000.
* 7 Condo Sold during 4th Quarter 2014 ~ Average Sales Price: $67,071 ~ 259 Days on Market. Price Range: $15,000 – $127,000.
* 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.

JeffDaniel.EmailBannerOcean Shores Vacant Lot Sales
Vacant land sales increased over 41% this past quarter. Inventory is down a little bit, but should increase because of a new batch of city-owned foreclosure lots that will hit the market right before summer. If you’d like a list of city-owned foreclosure lots, feel free to send me an email and I’ll send you the list. There are 89 (89 last quarter too) lots listed for $10,000 or less presently…
First Quarter Vacant Lot Sales
Sixty-one lots sold during 1st quarter. Twenty seven of those lots sold for $10,000 or less… There are 528 (541 last quarter) lots on the market right now for an average list price of $35,657 ($39,202 last quarter). There are 22 (12 at the end of last quarter) lots currently pending for an average list price of $19,000. It took 262 days to sell a vacant lot compared to 296 days in the 4th quarter. One lot took 2,102 days to sell…

Quarterly Vacant Lot Sales
* 61 Lots Sold during 1st Quarter 2015 ~ Average Sales Price: $16,925 ~ Average of 262 Days on Market. Price Range: $3,000 – $80,000.
* 43 Lots Sold during 4th Quarter 2014 ~ Average Sales Price: $18,867 ~ Average of 296 Days on Market. Price Range: $4,500 – $66,000.
* 69 Lots Sold during 3rd Quarter 2014 ~ Average Sales Price: $16,307 ~ Average of 259 Days on Market. Price Range: $4,000 – $78,000.
* 44 Lots Sold during 2nd Quarter 2014 ~ Average Sales Price: $25,127 ~ Average of 227 Days on Market. Price Range: $3,000 – $265,000 (a 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.

1st Quarter Ocean ShorWhen it's time to sell or buyes Real Estate Brokerage Sales (Homes & Land actual sales)
John L. Scott – 35%
Windermere – 19%
Laurie Christian – 10%
North Beach – 8%
Coldwell Banker – 4%
Premier Realty – 3%

cityofoceanshores.com Update
www.cityofoceanshores.com is updated and a sweet website to assist you in buying, selling and enjoying Ocean Shores. Check it out. Thank you!

Upcoming Things to Do in Ocean Shores

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

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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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