Friday, August 13, 2010 Newsletter ~ June/July 2010

Beach Updates
This year, the beach has experienced a pretty rare climate adjustment in the fact that Ocean Shores now has five seasons to enjoy (winter, spring, overcast, summer & fall). If that wasn't clear enough (no pun intended), the weather this summer has been lousy so far. There's only been two days that I counted in July where we had blue sky on the beach for more than a five minute period. Typically, it's foggy with overcast in July & August, but then by 2 or 3 p.m., the fog burns off and blue sky takes over. Not this year, it's been gray and it's been staying gray. And it's not just July either. Most of June had gray skies and so far August has delivered us 1 good day. I sure can't wait until September when summer finally arrives. Maybe if we all head down to the beach wearing shorts or whatever and pray for sun, maybe, must maybe, it will finally come out and stay.

Ocean Shores Real Estate Update
Real Estate activity has pretty spotty lately. Some days the phone doesn't ring and the inbox only sees junk. Other days I can't seem to catch up with everything going on. I guess this is all pretty typical except that for the first five months of the year, sales had actually been increasing. I think June & July has provided a reality check in letting us know that the recovery is not going to happen overnight or next month or probably not even next year. It's going to take awhile that's for sure. That said, the combination of the lowest interest rates ever, plenty of inventory and ridiculous low prices should really be an incentive for buyers contemplating making a move or buying a beach getaway, condo or lot. I hate saying that there's never been a better time to buy (cause I say it way too much that I don't even know anymore), but dang, has there?

June & July Home Sales
Residential sales have taken a dive this summer so far... Hopefully this will change anyday now. 20 Homes sold in June for an average price of $156,250. This is barely up from 19 Homes sold in May for an average price of $181.250. July's sale were absolutely pathetic and likely the reason why I lost all motivation to do a newsletter last month. Only 11 homes sold in July for an average price of $157,882. July is typically one of the very best months for real estate sales at the beach. This year, it has nearly been the worst. There's 260 homes on the market right now and there's 26 pending.

Year-To-Date Home Sales
103 homes have sold through the end of July this year for an average price of $165,625 (cheapest was $35,000 - most expensive was $450,000). Average time on market has been 211 days. For the same time period last year in 2009, 108 homes had sold for an average price of $177,407. Average time to sell was also 248 days. I guess it's not as bad as it feels...

June & July Vacant Lot Sales
16 Lots sold in June compared to 10 in May. Average price was $24,133 - down just a tad bit from $59,980 in May. The cheapest one was only $7,000 (yikes!), while the most expensive one was a bayfront at $99,000. Lot sales actually increased in July as 19 sold for an average price of $35,303. The cheapest in July was only $10,000, while the most expensive was a cheap lake lot for only $65,000. 17 lots are currently pending, compared to only 10 last month. There are 552 lots on the market now compared to 551 in May. Land inventory has remained quite stable for the past three months. These numbers are pretty decent.

Year-To-Date Vacant Lot Sales
93 lots have sold through the end of July this year for an average price of $31,169. Average time on market has been 297 days. For the same time period last year in 2009, 77 vacant lots had sold for an average price of $36,866. Average time to sell was 298 days. So I guess even though it doesn't seem like it, lot sales are up quite a bit - that's an increase in sales of over 20% for those keeping track. Low listing prices and increased seller motivation is most definitely the cause of this. Add the upcoming Street LID about to hit all property owners and before you know it, there should quite the frenzy for even more lot sales in the coming months. Prices are definitely down now. Financing is pretty rare for land, but quite a few sellers now are willing to sell their land on contracts. Let me know if you'd like more info.

June & July Condo Sales
Dreamscape Condos are the only game in town that seems to be getting any action in the condo market. Two sold in June and another condo sold at the Polynesian. Average sales price between the three was $165,667. The condo at the Polynesian was just under $100,000 bringing down that average price. No condos sold in July. The condo market in Ocean Shores is really in a terrible predicament. There's way too much inventory because of a handful of developments that are incredibly overpriced and no one these days is going to pay too much for a condo. That said, there's 155 condos listed on the MLS right now. At our current sales rate, it would take nearly 10 years to sell all of the current inventory on the market right now. This is ridiculous and confusing to buyers. With the exception of the Dreamscape Condos and a few listing at some of the smaller developments (Kats Cove, The Muriah & Brisa Del Mar),

Year-To-Date Condo Sales
A whopping 12 condos have sold through the end of July this year for an average price of $123,208 (four of these were real cheap cheap condos that sold for less than $45,000). Average time on market has been 385 days. For the same time period last year in 2009, 9 condos had sold for an average price of $173,974 (the cheapest was $57,000). Average time to sell was also 385 days (creepy!) Even though it feels pretty dead in the condo arena, I guess condo sales are up too.... Weird...

If you have any questions regarding Ocean Shores/North Coast Real Estate, call Jeff Daniel of Coldwell Banker Ocean Beach Properties at 360.581.9020 or visit my website at Thanks! All statistics are supplied from the Northwest Multiple Listing Service.

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Upcoming Events

Gospel Music Festival
August 14, 2010
5th Annual Gospel Music Festival @ the Convention Center presented by Higher Ground Ministries. "Catch the Wind of the Spirit” and join in as everyone is welcome. Quartet, talent showcase, endless live performances, door prizes, food both, talented musicians, lots of music and good ol' fashioned FUN! Bring the entire family and sing along!

A.A.O.S. Arts & Crafts Festival
September 10-12, 2010
An end of summer annual event. Visit one of Western Washington's largest indoor & outdoor handmade arts and crafts fair @ the Convention Center. 1,000's of unique items are showcased by gifted artists and talented craftspeople. Admission is free.

Paddle the Shores
September 18-19, 2010
North Bay Park, lakes & canals. Attention kayak, canoe, and rowing enthusiasts. All Skill levels are welcome! Human-powered boat activities on the lakes and canals of Ocean Shores. Race, Poker Paddle, picnic, seminars and the latest in paddling gear at end-of-season prices.

Whale of a Quilt Show
October 1-3, 2010
The Sea-Pal Quilters of Ocean Shores "Whale of a Quilt Show" offers boutique vendors, handmade quilts, demonstrations, and quilted items @ the Convention Center. The show is judged and prizes are awarded. Free admission, donations welcome.

See you on the beach!

Jeff Daniel

Managing Broker
Coldwell Banker Ocean Beach Properties
Cell Phone: 360.581.9020
749 Point Brown Ave NW
PMB 1568, Ocean Shores, WA 98569
360.289.3111 (fax)