Ocean Shores Real Estate Report ~ 3rd Quarter 2015‏

Greetings from the beach…
Third quarter residential home sales are up over 19% compared to third quarter 2014! During the same time period compared to last year, average sales prices also increased nearly 17%! Additionally, last year there were 237 homes on the market at this time, while there are only 173 on the market right now. That’s a inventory decrease of 27%. Year to date, 241 homes have already sold in Ocean Shores compared to 193 last year during the same time period. Lastly, it took 149 days to sell a home in 2nd quarter compared to only 139 days this past quarter. Third quarter, while not as great as 2nd quarter, but close, has still been very good for home sales at the beach. Let’s look back at 3rd quarter home sales over the past eleven years.

* 91 Homes sold ~ 3rd Quarter 2015 ~ Average Sales Price: $166,771.

* 76 Homes sold ~ 3rd Quarter 2014 ~ Average Sales Price: $142,629.
* 70 Homes sold ~ 3rd Quarter 2013 ~ Average Sales Price: $141,161.
* 44 Homes sold ~ 3rd Quarter 2012 ~ Average Sales Price: $143,782.
* 46 Homes sold ~ 3rd Quarter 2011 ~ Average Sales Price: $153,207.
* 42 Homes sold ~ 3rd Quarter 2010 ~ Average Sales Price: $182.479.
* 49 Homes sold ~ 3rd Quarter 2009 ~ Average Sales Price: $171,849.
* 67 Homes sold ~ 3rd Quarter 2008 ~ Average Sales Price: $192.879.
* 70 Homes sold ~ 3rd Quarter 2007 ~ Average Sales Price: $219,124.
* 81 Homes sold ~ 3rd Quarter 2006 ~ Average Sales Price: $209,600.
* 95 Homes sold ~ 3rd Quarter 2005 ~ Average Sales Price: $193,147.

 

Ocean Shores Residential Sales
91 homes sold during 2nd quarter for an average price of $166,771 compared to 97 sales and an average price of $175,479 last quarter. If inventory continues to remain low or even goes lower, prices are going to rise. We’ve nearly sold as many homes through three quarters this years (241) as we sold in all of last year (247) and we still have 3 months of selling to go!

2015 Third Quarter Home Sales
The average home that sold last quarter in Ocean Shores was 1,438 square feet and took 139 days to sell compared to 1,489 square feet and 149 days last quarter. 11 of the 91 homes that sold were bank-owned or 11% compared to 10% last quarter. There are only 4 foreclosures or bank-owned homes left for sale in Ocean Shores or 2.3%. There are 173 homes on the market right now compared to 194 last quarter. Average list price of a home for sale in Ocean Shores right now: $221,713 compared to $214,418 last quarter ~ Average of 162 Days on Market. One house took 1592 days to sell. One has been on the market for 3,703 days now (that’s over 10 years!) and no, it’s still not my listing and it still hasn’t sold. There were 42 Homes pending on October 1st ~ Average list price: $201,677 compared to $195,441 at the end of last quarter. On average, sellers got 96.5% of their asking price for all closed sales in 3rd quarter compared to 98.27% in the 2nd quarter.

Quarterly Home Sales
* 91 Homes Sold during 3rd Quarter 2015 ~ Average Sales Price: $166,771 ~ Average of 139 Days on Market. Price Range: $40,000 – $369,000.
* 97 Homes Sold during 2nd Quarter 2015 ~ Average Sales Price: $175,479 ~ Average of 149 Days on Market. Price Range: $30,000 – $464,000.
* 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.

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 up and should remain up for the next quarter or so. The failed Villages Condos off of Marine View Drive are back on the market – this time called the “Outlook at Oyhut Bay.” These condos are starting to sell to cash buyers only. Condotel sales are still very slow in the downtown core…

2015 Third Quarter Condo Sales

11 condos sold last quarter. 11 more condos are currently pending for an average list price of $157,604. There are 45 condos on the market (45 last quarter too) for an average list price of $124,401 compared to $129,380 last quarter. 4 of the 11 condos sold are from the Outlook at Oyhut Bay that are finally back on the market.
Quarterly Condo Sales

* 11 Condo Sold during 3rd Quarter 2015 ~ Average Sales Price: $137,109 ~ 130 Days on Market. Price Range: $44,500 – $200,000.
* 5 Condo Sold during 2nd Quarter 2015 ~ Average Sales Price: $68,840 ~ 423 Days on Market. Price Range: $24,000 – $110,000.
* 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.

Ocean Shores Vacant Lot Sales
Vacant land sales and prices are staying consistent with no major jump in prices or sales. Average sold prices went up a little over $600 and the number of sales dropped by just over 5%. Stability is a good thing for this market. There are 69 76 lots listed for $10,000 or less presently compared to 76 last quarter and 89 in the 1st quarter. As this number continues to go down, lot prices will start to rise… There are still a couple hundred or so City-owned foreclosure lots that are available for purchase. If you’d like a list, feel free to send me an email and I’ll send it to you.

2015 Third Quarter Vacant Lot Sales
74 lots sold during 3rd quarter compared to 78 last quarter. 24 of those lots sold for $10,000 or less compared to 23 last quarter…There are 499 (535 last quarter) lots on the market right now for an average list price of $36,410 ($37,354 last quarter). There are 21 lots currently pending compared to 26 at the end of last quarter. It took 259 days to sell a vacant lot compared to 224 days in the last quarter. One lot took 2,140 days to sell…

Quarterly Vacant Lot Sales
* 74 Lots Sold during 3rd Quarter 2015 ~ Average Sales Price: $26,164 ~ Average of 259 Days on Market. Price Range: $5,000 – $200,000.
* 78 Lots Sold during 2nd Quarter 2015 ~ Average Sales Price: $25,529 ~ Average of 224 Days on Market. Price Range: $4,500 – $126,000.
* 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).

 

cityofoceanshores.com Update
www.cityofoceanshores.com is updated and a sweet website to assist you in buying, selling and enjoying Ocean Shores. There are some new updates that I’ve made. 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

 

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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