Ocean Shores Real Estate Report ~ 2nd Quarter 2016‏

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Greetings from the beach…
Second Quarter real estate sales are stable and still on the rise. Houses are selling faster than ever. Inventory is declining and prices are going up. If you’re looking to buy, now is the time.

 When it's time to sell or buy

Ocean Shores Residential Sales
Ninety-One Homes sold during 2nd quarter for an average price of $178,928 compared to 55 sales and an average price of $177,778 during the first quarter. That’s an increase of 65% in sales from first to second quarter! There are 174 homes on the market right now. There were 175 at the end of first quarter. Last year at this time, there were 195 homes on the market and two years ago there were 255 homes on the market. Residential inventory is coming down which should spur an increase average sales prices for third quarter.
2016 Second Quarter Home Sales
The average home that sold last quarter in Ocean Shores was 1,340 square feet and took 99 days to sell compared 168 days last quarter. Twelve of the 91 homes that sold were bank-owned or 13%. Average sales price of a bank-owned home was $113,000 compared to $178,928 for non bank-owned homes. There are only 174 Homes on the market right now and five of those are bank-owned. Average list price of a home for sale in Ocean Shores right now is $237,820 compared to $212,864 on April 1st ~ Average of 166 Days on Market. One has been on the market for 2,631 days now (not my listing). There were 65 Homes pending on July 1st for an average list price of $196,150 compared to 46 Homes that were pending on April 1st.

Quarterly Home Sales

* 91 Homes Sold during 2nd Quarter 2016 ~ Average Sales Price: $178,928 ~ Average of 99 Days on Market. Price Range: $22,000 – $360,000.
* 55 Homes Sold during 1st Quarter 2016 ~ Average Sales Price: $177,778 ~ Average of 168 Days on Market. Price Range: $29,000 – $435,000.

* 67 Homes Sold during 4th Quarter 2015 ~ Average Sales Price: $203,003 ~ Average of 148 Days on Market. Price Range: $24,400 – $620,000.

* 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.

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Ocean Shores Condo Sales
Condo sales are hot as 19 sold during 2nd quarter compared to 11 that sold last quarter. Inventory is down over 22% from 1st quarter. The condos at Oyehut Bay have made the biggest impact in the number of listings and sales but that has come to an end. All of the condos that were left at Oyehut Bay are either pending or sold. Oyehut Bay enjoyed this success because the condos there can be rented out on a nightly basis unlike most other condos in Ocean Shores. There are still a lot of condotels on the market.

2016 Second Quarter Condo Sales
Nineteen condos sold during second quarter compared to 11 during first quarter in 2016. Average sales price was $124,279 and it only took them 74 days to sell on average. There are 44 condos on the market (57 last quarter) for an average list price of $138,900 (compared to $127,676 last quarter). There are 11 condos currently pending compared to 9 at the end of last quarter. Average listing price: $136,359.

Quarterly Condo Sales

* 19 Condo Sold during 2nd Quarter 2016 ~ Average Sales Price: $124,279 ~ 74 Days on Market. Price Range: $38,000 – $218,000.
* 11 Condo Sold during 1st Quarter 2016 ~ Average Sales Price: $130,443 ~ 79 Days on Market. Price Range: $38,000 – $186,500.
* 14 Condo Sold during 4th Quarter 2015 ~ Average Sales Price: $140,650 ~ 105 Days on Market. Price Range: $27,000 – $269,000.

* 12 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.

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Ocean Shores Vacant Lot Sales
Lot sales are steady. Prices haven’t really jumped yet, but they should by the end of next quarter.
2016 Second Quarter Vacant Lot Sales
Seventy-six lots sold during 2nd quarter. Fifteen of those sold for $10,000 or less compared to 23 last quarter. There are 582 (571 last quarter) lots on the market right now for an average list price of $31,565 ($32,066 last quarter). Forty-two of those lots are listed for $10,000 or less compared to 38 lots at the end of last quarter. There are 39 (28 at the end of last quarter) lots currently pending for an average list price of $34,206. It took 272 days to sell a vacant lot compared to 261 days last quarter. One lot took 1,471 days to sell…

Quarterly Vacant Lot Sales

* 76 Lots Sold during 2nd Quarter 2016 ~ Average Sales Price: $19,520 ~ Average of 272 Days on Market. Price Range: $6,000 – $85,000.
* 55 Lots Sold during 1st Quarter 2016 ~ Average Sales Price: $22,353 ~ Average of 261 Days on Market. Price Range: $5,000 – $125,000.

* 53 Lots Sold during 4th Quarter 2015 ~ Average Sales Price: $24,020 ~ Average of 391 Days on Market. Price Range: $5,000 – $80,000.

* 76 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.

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2nd Quarter 2016 Ocean Shores Real Estate Brokerage Sales (Homes, Condos & Land actual sales)
John L. Scott – 41% (up 10% from last quarter)
Windermere – 18% (down 1%)

Matrix Real Estate – 10% (up 3%)

North Beach – 8% (down 4%)

Laurie Christian – 6% (down 3%)

Coldwell Banker – 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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