Ocean Shores Real Estate ~ 2017 Year in Review
Greetings from the beach…
2016 was the greatest year for real estate sales in the history of Ocean Shores until 2017 happened. This past year saw 400 homes sold which is by far the most homes ever sold in any year previously in Ocean Shores. 2017 also brought about the highest average sales price for residential homes in the history of Ocean Shores which was $210,09. Simply put, the past two years have been the best two years for real estate sales at this beach.
Check out my Welcome to Ocean Shores Video!
Ocean Shores Residential Sales
Ocean Shores residential home sales increased over 26% in 2017. It was only a 3% increase for all of 2016. We’ve never seen this many residential sales – ever. Average home prices jumped over 14% for the entire year to an average price of $210,097, which is the highest annual average sales price for a home in the history of Ocean Shores. The previous highest price was in 2006 when the average price for a home sold was $205,838. The most expensive home to sell in 2017 was $518,000. Only 5% of our home sales were foreclosures in 2017. That number was 8% in 2016, 11% in 2015 and 18% in both 2013 and 2014. The great news for now though is that only 5 homes on the market today are foreclosures.
2017 Home Sales
The average home that sold last year in Ocean Shores was 1,484 square feet and took 90 days to sell compared to 1,378 square feet and 133 days in 2016. 141 homes sold in 30 days or less compared to 89 in 2016. One house took 1,195 days to sell… There are only 99 homes on the market right now compared to 118 homes last year at this time. This is an inventory decrease of 16% ~ Average list price: $243,346 (it was $237,175 last year at this time) ~ Active homes have been on the market an average of 144 Days compared to 151 days last year. There were 55 Homes pending on January 1st, 2018 compared to 39 last year at this time… ~ Average list price of those: $275,467 compared to $184,181 in 2016.
Annual Home Sales Comparison
* 400 Homes sold in 2017 for an average sales price of $210,097 (cheapest was $19,500 – most expensive was $518,000).
* 321 Homes sold in 2016 for an average sales price of $183,752 (cheapest was $20,000 – most expensive was $450,000).
* 310 Homes sold in 2015 for an average sales price of $173,143 (cheapest was $24,400 – most expensive was $620,000).
* 247 Homes sold in 2014 for an average sales price of $152,257 (cheapest was $17,000– most expensive was $565,000).
* 199 Homes sold in 2013 for an average sales price of $147,568 (cheapest was $25,000 – most expensive was $385,000).
2017 Quarterly Home Sales
* 111 Homes Sold during 4th Quarter 2017 ~ Average Sales Price: $223,493 ~ Average of 91 Days on Market. Price Range: $54,950 – $485,000.
* 114 Homes Sold during 3rd Quarter 2017 ~ Average Sales Price: $217,825 ~ Average of 73 Days on Market. Price Range: $31,000 – $518,000.
* 113 Homes Sold during 2nd Quarter 2017 ~ Average Sales Price: $201,838 ~ Average of 91 Days on Market. Price Range: $24,999 – $435,000.
* 62 Homes Sold during 1st Quarter 2017 ~ Average Sales Price: $188,037~ Average of 116 Days on Market. Price Range: $19,500 – $497,600.
Ocean Shores Condo Sales
2017 was another great year for condo sales in Ocean Shores. 54 Condos sold compared to 53 in 2016. Only 33 sold in 2015. The biggest reason for the consistency in condo sales is because of the Oyhut Bay condo renovations. Condo inventory is flat and sales are steady.
2017 Condo Sales
The average condo that sold last year in Ocean Shores was 895 square feet and took 97 days to sell compared to 982 square feet and 92 days in 2016. None of the 54 condos sold last year were foreclosures compared to two in 2016. There are only 31 condos on the market (same as last year) for an average list price of $147,647 (compared to $156,265 last year). Eight condos are currently pending for an average list price of $121,725 as of January 1st, 2018.
Annual Condo Sales Comparison
* 54 Condos sold in 2017 for an average sales price of $136,212 (cheapest was $17,500 – most expensive was $252,000).
* 53 Condos sold in 2016 for an average sales price of $125,589 (cheapest was $25,000 – most expensive was $252,000).
* 33 Condos sold in 2015 for an average sales price of $128,013 (cheapest was $24,000 – most expensive was $269,000).
* 17 Condos sold in 2014 for an average sales price of $84,876 (cheapest was $15,000 – most expensive was $180,000).
* 19 Condos sold in 2013 for an average sales price of $123,197 (cheapest was $27,900 – most expensive was $287,000).
2017 Quarterly Condo Sales
* 12 Condos Sold during 4th Quarter 2017 ~ Average Sales Price: $151,750 ~ 42 Days on Market. Price Range: $22,500 – $252,000.
* 15 Condos Sold during 3rd Quarter 2017 ~ Average Sales Price: $135,847 ~ 94 Days on Market. Price Range: $17,500 – $252,000.
* 16 Condos Sold during 2nd Quarter 2017 ~ Average Sales Price: $128,890 ~ 134 Days on Market. Price Range: $46,000 – $245,000.
* 11 Condos Sold during 1st Quarter 2017 ~ Average Sales Price: $129,450 ~ 120 Days on Market. Price Range: $45,000 – $230,000.
Ocean Shores Vacant Lot Sales
2017 was an solid year for lot sales in Ocean Shores. The number of lot sales and average prices both jumped over 24%! Seventy (66 last year) of the 347 lots sold last year for $10,000 or less… . Inventory is down over 21% from last year at this time. There are only 8 (34 last year) lots listed for $10,000 or less presently… Vacant lot prices are going up in 2018.
2017 Vacant Lot Sales
There are 392 (501 last year) lots on the market right now for an average list price of $32,519 ($30,779 last year). 154 of those are city-owned foreclosure lots compared to 194 last year at this time. There are 25 (20 last year at this time) lots currently pending for an average list price of $22,313. It took 230 days to sell a vacant lot in 2017 compared to 246 days in 2016. One lot took 4,026 days to sell…
Annual Vacant Lot Sales Comparison
* 347 Lots sold in 2017 for an average sales price of $27,748 (cheapest was $3,300 – most expensive was $700,000).
* 278 Lots sold in 2016 for an average sales price of $22,371 (cheapest was $4,700 – most expensive was $125,000).
* 268 Lots sold in 2015 for an average sales price of $23,385 (cheapest was $3,000 – most expensive was $200,000).
* 191 Lots sold in 2014 for an average sales price of $19,971 (cheapest was $3,000 – most expensive was $260,000).
* 176 Lots sold in 2013 for an average sales price of $19,659 (cheapest was $800 – most expensive was $150,000).
2017 Quarterly Vacant Lot Sales
* 68 Lots Sold during 4th Quarter 2017 ~ Average Sales Price: $28,661 ~ Average of 242 Days on Market. Price Range: $7,000 – $125,000.* 112 Lots Sold during 3rd Quarter 2017 ~ Average Sales Price: $23,125 ~ Average of 201 Days on Market. Price Range: $4,450 – $110,000.* 104 Lots Sold during 2nd Quarter 2017 ~ Average Sales Price: $32,450 ~ Average of 237 Days on Market. Price Range: $3,300 – $700,000.* 63 Lots Sold during 1st Quarter 2017 ~ Average Sales Price: $26,917 ~ Average of 266 Days on Market. Price Range: $5,000 – $216,000.
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2017 Multifamily Sales
Five Multifamily buildings sold in Ocean Shores last year compared to 6 in 2016. Average sales price was $275,480 compared to $215,475 in 2016. Average square footage was 2,511.
2017 Commercial Property Sales
Eight Commercial properties sold in Ocen Shores last year down from 6 sales in 2016. Price range was $80,000 to $800,00 compared to $29,000 – $410,000 in 2016.
Total Real Estate Sales for all of Grays Harbor
2017 – 1964 Transactions with a total sales volume of $286,070,723.
2016 – 1757 Transactions with a total sales volume of $227,172,500.
2015 – 1523 Transactions with a total sales volume of $181,206,327.
2014 – 1274 Transactions with a total sales volume of $140,112,276.
2013 – 1124 Transactions with a total sales volume of $116,657,672.
Grays Harbor Home Sales
1332 Homes sold in Grays Harbor County in 2017. Average price: $184,206.
1202 Homes sold in Grays Harbor County in 2016. Average price: $162,577.
1012 Homes sold in Grays Harbor County in 2015. Average price: $145,673.
912 Homes sold in Grays Harbor County in 2014. Average price: $134,410.
770 Homes sold in Grays Harbor County in 2013. Average price: $126,023.
Grays Harbor Home Sales Summary
Ocean Shores – 400 (+79) Homes sold for an average price of $210,097 (14% increase).
Aberdeen – 256 (-17) Homes sold for an average price of $126,145 (4% increase).
Hoquiam – 151 (+4) Homes sold for an average price of $111,303 (28% increase).
Elma – 112 (+1) Homes sold for an average price of $206,837 (9% increase).
Montesano – 96 (+6) Homes sold for an average price of $218,172 (11% increase).
Westport – 73 (+14) Homes sold for an average price of $148,102 (1% increase).
McCleary – 87 (+38) Homes sold for an average price of $189,517 (16% increase).
Cosmopolis – 22 (-13) Homes sold for an average price of $159,241 (22% increase).
Pacific Beach/Seabrook – 37 (+4) Homes sold for an average price of $512,771 (2% decrease).
Oakville – 36 (+8) Homes sold for an average price of $215,974 (27% increase).
Grayland – 27 (+3) Homes sold for an average price of $152,461 (9% decrease).
Copalis Beach – 16 (+4) Homes sold for an average price of $178,063 (9% increase).
Moclips – 6 (-1) Homes sold for an average price of $215,726 (20% increase).
Grays Harbor Condo Sales
66 Condos sold in Grays Harbor County in 2016. Average price: $131,085.
50 Condos sold in Grays Harbor County in 2015. Average price: $131,809.
37 Condos sold in Grays Harbor County in 2014. Average price: $108,086.
34 Condos sold in Grays Harbor County in 2013. Average price: $155,346.
Ocean Shores vs Westport Condo Sales
Ocean Shores – 54 (+1) Condos sold in 2017. Average price: $136,212.
Westport – 16 (+5) Condos sold in 2017: Average price: $151,209.
Grays Harbor Vacant Lot Sales
503 Vacant Lots sold in Grays Harbor County in 2017. Average price: $41,126.
433 Vacant Lots sold in Grays Harbor County in 2016. Average price: $36,603.
405 Vacant Lots sold in Grays Harbor County in 2015. Average price: $42,995.
275 Vacant Lots sold in Grays Harbor County in 2014. Average price: $33,688.
276 Vacant Lots sold in Grays Harbor County in 2013. Average price: $39,403.
Grays Harbor Vacant Lot Sales Summary
Ocean Shores – 347
Elma – 26
Aberdeen – 22
Westport – 19
Montesano – 15
Pacific Beach – 12
Hoquiam – 10
Copalis Beach – 10
McCleary – 8
Moclips – 6
Grayland – 6
Washington Coastal Community Comparisons
Residential home & condo sales activity and average sales prices on Washington’s coast were up dramatically in all areas in 2017 except that the Long Beach/Ocean Park areas had less sales than in 2016. Below is a comparison of the four major coastal areas in Washington State:
Ocean Shores / Ocean City
* 456 sales in 2017 for an average sales price of $202,171. Total volume was $92,189,951 up from $65,720,852 in 2016.
Long Beach / Ocean Park
* 337 sales in 2017 for an average sales price of $198,579. Total volume was $66,920,975 up from $60,497,230 in 2016.
Westport / Grayland
* 117 sales in 2017 for an average sales price of $150,680. Total volume was $17,629,599 up from $14,652,732 in 2016.
Seabrook / Copalis Beach / Moclips / Pacific Beach
* 61 sales in 2017 for an average sales price of $386,490. Total volume was $23,575,864 up from $19,917,675 in 2016.
Thanks for another great year!
Thanks to all of my patient sellers & buyers along with all the awesome real estate agents, lenders, escrow & title folks and anyone else that I worked with in 2017 to make it another record setting year! This year I finished again at the top of the list with over 14.9% (13.9% in 2016) of all the real estate sales in Ocean Shores. I was also tops in Grays Harbor County with over 5.2% (4.6% in 2016) of the market share. This has been my sixth year at John L. Scott and I still can’t tell you what a great office, company and atmosphere we have. Additionally, the johnlscott.com website and the John L. Scott app are great! John L. Scott is the #1 top-producing brokerage in Ocean Shores and all of Grays Harbor County with the most listings and sales – just over 12.3% of all the real estate business in Grays Harbor County and over 33% of all Ocean Shores real estate sales last year. Thanks!
2016 Ocean Shores Real Estate Brokerage Rankings
John L. Scott – 33%
Windermere – 20%
North Beach – 11%Laurie Christian – 7%Ocean Beach Properties (Oyehut Bay mostly) – 5%
Coldwell Banker – 4%
cityofoceanshores.com Update
www.cityofoceanshores.com is updated and a sweet website to assist you in buying, living and enjoy Ocean Shores. Please 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 BrokerJohn L. Scott Ocean Shores
Cell Phone: 360.581.9020
711 Point Brown Ave NWOcean Shores, WA 98569
360.289.2454 (fax)
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