Ocean Shores Real Estate: 2012

Wednesday, October 03, 2012

City of Ocean Shores Newsletter ~ 3rd Quarter 2012

Greetings from the beach...

Sales are still pushing forward. Prices are creeping up. Foreclosures are fading away. We’re seeing slow & steady growth. Things aren’t so bad in the Ocean Shores real estate market…

Ocean Shores Residential Sales
Residential home sales dipped a little bit as only 43 homes during the 3^rd quarter compared to 50 in the second. Average sales prices for the same time frame jumped over 13%. This is the highest average sales price we’ve seen since 3^rd quarter last year. Every quarter this year has shown price gains and right now, it’s appearing that 4^th quarter will show a increase in average sales price as well.

Fifteen of the 43 homes (about a third) that sold during the 3^rd quarter were foreclosures. This number was nearly identical for 2^nd quarter. Almost half of all homes sold in the 1^st quarter were foreclosures or bank-owned so the number is getting smaller. The average price of a foreclosure sold this quarter was $106,537, while the average price of a non-distressed home was $163,461.

There are 41 homes currently pending for an average list price of $152,566 (up from $128,452 last quarter). The best news in this report is that only two of them are listed as foreclosures. We’ll see how it shakes out next month.

There are currently 257 (down from 263 last quarter) homes on the market. Only 14 or 6% (down from 30 or 11.4% last quarter) of these are distressed properties (government or bank-owned foreclosures). If you’re thinking of buying a beach house and are waiting for better prices, you better think again. Prices have been going up all year long. Foreclosures are going away. Rates are cheaper than ever. Now is the time to buy.

Check out property listings from your smart phone here! 3rd Quarter 2012 Home Sales
The average home that sold last quarter in Ocean Shores was 1,378 square feet and took 193 days to sell. There are 257 Homes on the market (263 at the end of last quarter) ~ Average list price: $198,867 (down from $210,917 last quarter)… ~ Average of 303 Days on Market. One has now been on the market for 2,610 (again not my listing & this seller hasn’t reduced his price since September 2009…). There are 41 Homes pending (up from 25 at the end of last quarter)… ~ Average list price of those: $152,566 (up from $128,452 last quarter). Next quarter should be good…
Quarterly Home Sales
* 43 Homes Sold during 3rd Quarter 2012 ~ Average Sales Price $143,638 ~ Average of 193 Days on Market. Price Range: $28,050- $400,000.

* 50 Homes Sold during 2nd Quarter 2012 ~ Average Sales Price $126,399 ~ Average of 232 Days on Market. Price Range: $16,000- $375,000.
* 28 Homes Sold during 1st Quarter 2012 ~ Average Sales Price $105,318 ~ Average of 207 Days on Market. Price Range: $12,000- $180,000.
* 56 Homes Sold during 4th Quarter 2011 ~ Average Sales Price: $130,163 ~ Average of 213 Days on Market. Price Range: $32,905 - $360,000.
* 46 Homes Sold during 3rd Quarter 2011 ~ Average Sales Price: $153,207 ~ Average of 237 Days on Market. Price Range: $50,199 - $299,000.
FACEBOOK

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 SalesCondo sales are still slow….
3rd Quarter 2012 Condo Sales
Three Condos sold during the 3rd quarter of 2012 totaling 7 condo sales this year so far. The only good news here is that the average price jumped from $26,750 from 1^stquarter to $72,500 for the 2^nd quarter to $146,667 for the 3^rd. Average time on the market was 269 days. There are 47 condos on the market right now (down from 51 last quarter) for an average list price of $127,409. Average time on market is 345 days. There is only one condo pending right now, but it’s a nice one (Waterworks) listed for $349,900.}Quarterly Condo Sales
* 3 Condos Sold during 3rd Quarter 2012 ~ Average Sales Price: $146,667 ~ Average of 269 Days on Market. Price Range: $50,000 - $215,000.
* 2 Condos Sold during 2nd Quarter 2012 ~ Average Sales Price: $72,500 ~ Average of 1141 Days on Market. Price Range: $55,000 - $90,000.
* 2 Condos Sold during 1st Quarter 2012 ~ Average Sales Price: $27,750 ~ Average of 282 Days on Market. Price Range: $25,000 - $28,500.
* 6 Condos Sold during 4th Quarter 2011 ~ Average Sales Price: $127,133 ~ Average of 190 Days on Market. Price Range: $5,000 - $220,000.
* 5 Condos Sold during 3rd Quarter 2011 ~ Average Sales Price: $144,520 ~ Average of 257 Days on Market. Price Range: $33,000 - $224,900.

Ocean Shores Vacant Lot Sales
Lot sale are going better now than they have in over a year. Final sales prices are definitely down, but activity is way up. This trend will likely continue until all of the cheap lots are gone. When that happens, sales will slow, but prices will start going up again. Buyers looking to score a cheap lot are going to need to do it within the next six months. I’ll be surprised if there are any cheap lots on the market next summer priced under $10,000…
3rd Quarter 2012 Vacant Lot Sales/Stats

There are 457 lots on the market compared to 461 last quarter. Average list price is $45,609 (down from $47,841 last quarter) and average time on the market is 286 days (one has been on the market now for 3,037 days and this seller hasn’t reduced his price since June of 2008….). There are 11 lots pending right now (compared to 16 at the end of last quarter and 26 at the end of the first quarter).
Quarterly Vacant Lot Sales* 50 Lots Sold during 3rd Quarter 2012 ~ Average Sales Price: $22,087 ~ Average of 433 Days on Market. Price Range: $4,500 - $95,000.
* 47 Lots Sold during 2nd Quarter 2012 ~ Average Sales Price: $21,174 ~ Average of 307 Days on Market. Price Range: $5,000 - $64,000.
* 36 Lots Sold during 1st Quarter 2012 ~ Average Sales Price: $20,535 ~ Average of 383 Days on Market. Price Range: $6,500 - $60,000.
* 29 Lots Sold during 4th Quarter 2011 ~ Average Sales Price: $31,724 ~ Average of 248 Days on Market. Price Range: $4,999 - $175,000.
* 42 Lots Sold during 3rd Quarter 2011 ~ Average Sales Price: $28,346 ~ Average of 303 Days on Market. Price Range: $6,000 - $127,000.

www.cityofoceanshores.com update
If you got a second, do me a favor and check out the updated www.cityofoceanshores.com website. Thanks!

A Good Article about Websites with Real Estate ListingsWebsites operated by real estate brokerages have more accurate information on for-sale listings in 11 major markets than third-party listing portals Zillow and Trulia.” http://www.inman.com/news/2012/10/3/redfin-study-knocks-zillow-trulia-listings-accuracy

Click on the little dude with a shovel in his hands for something to do every day in Ocean Shores & Grays Harbor!

Upcoming Things to Do in Ocean Shores

Razor Clam DiggingOctober 13-14
The first dig of the year is coming right up. More digs will be announced shortly. Visit http://www.facebook.com/pages/365-Things-To-Do-In-Ocean-Shores-Grays-Harbor-County/105036989568282 to keep up with future clam digs.

8^th Annual Irish Music Festival
October 25-28
The West Coast's Largest Irish Music Festival. 6 stages, 4 venues and 20 great bands. Come tip a pint and kick up your heels Thursday October 20 through Sunday the 23th. For more information and a schedule of the bands and events visit www.galwaybayevents.com

Winter Fanta-Sea
November 23-25
Over 70 arts and crafts booths feature thousands of unique handmade items just in time for the holidays! Bring the kids, Santa will be there to listen to all of your Christmas wishes.

North Beach Singers Christmas CantataDecember 14-15
The North Beach Singers present Yuletide favorites to warm your heart, delight your senses, and welcome the Holiday Season. Admission is free, canned food donations appreciated and help support the local food bank.

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)

Tuesday, January 17, 2012

CityofOceanShores.com 2011 Wrap-up

Greetings from the beach...

Another year has passed and the real estate market and the economy remain at the top of our lists of concerns. 2011 was a rough year for Ocean Shores. Local elections, a big wave that never happened and a local teenager marrying an old man from Hollywood pretty much stole the headlines. That said, it’s the beach and a lot of us here try not too worry much about the rest of the world because we’ve got waves, a lake & canals, a golf course, casino and the freshest air around…

Ocean Shores Residential Sales
The Ocean Shores residential real estate market declined even further in 2011. Home sales were down 5.5% while average sales prices declined just over 16%. Over 25% (43) of the 169 homes sold last year were either short sales or foreclosures. This high number of short-sales, bank-owned houses as well as repos from Freddie Mac and Fannie Mae have done some serious damage to Ocean Shores property values. The average price of one of these homes was only $104,422 compared to the overall average sales price of $143,192. The good news for now is that only a little over 11% of the 207 homes on the market today are either short sales or foreclosures. Hopefully that number will continue to shrink…

2011 Home Sales
The average home that sold last year in Ocean Shores was 1283 square feet and took 223 days to sell compared to 1395 square feet and 218 days in 2010. There are only 207 Homes on the market (there were 243 on October 1^st) ~ Average list price: $199,075 (which is only $55,883 more than the average sales price in 2011)… ~ Average of 294 Days on Market. One has been on the market for 2,341 days now (that’s almost 7 years!) in case you’re frustrated that your house hasn’t sold yet… There are only 20 Homes pending (which is not enough)… ~ Average list price of those: $119,728.
* 169 Homes sold in 2011 for an average sales price of $143,192 (cheapest was $32,905 – most expensive was $405,000).

* 179 Homes sold in 2010 for an average sales price of $170,724 (cheapest was $28,000 – most expensive was $520,000).
* 180 Homes sold in 2009 for an average sales price of $173,421 (cheapest was $31,500 – most expensive was $495,000).

2011 Quarterly Home Sales
* 56 Homes Sold during 4th Quarter 2011 ~ Average Sales Price: $130,163 ~ Average of 213 Days on Market. Price Range: $32,905 - $360,000.
* 46 Homes Sold during 3rd Quarter 2011 ~ Average Sales Price: $153,207 ~ Average of 237 Days on Market. Price Range: $50,199 - $299,000.
* 32 Homes Sold during 2nd Quarter 2011 ~ Average Sales Price: $140,180 ~ Average of 181 Days on Market. Price Range: $42,750 - $265,000.
* 35 Homes Sold during 1st Quarter 2011 ~ Average Sales Price $153,631 ~ Average of 260 Days on Market. Price Range: $44,000 - $405,000.

Ocean Shores Condo Sales
Unlike houses and vacant lots, the condo market in Ocean Shores is on the rebound with a 26.7% increase in average sales prices! Last year, sales had dropped over 30% and average sales prices were down nearly 20%. 2010 was a terrible year for condo sales in Ocean Shores, but 2011 has clearly shown that the condo market has stabilized as inventory has finally cleared up and prices are quite realistic... now. Four significant changes in the condo market in 2011 were: Dreamscape sold off their remaining inventory; Ocean View Estates had a major price drop, the Gitchee Gumee decided to be a hotel again and The Villages condo project has finally died. This reduction in inventory has been huge.

2011 Condo Sales
The average condo that sold last year in Ocean Shores was 920 square feet and took 430 days to sell compared to 767 square feet and 339 days in 2010. There are only 39 condos on the market (compared to 137 last year at this time!) for an average list price of $138,997 (compared to $148,274 last year). There are 2 condos currently pending compared to none at this time last year. Average list price: $120,750.

* 17 Condos sold in 2011 for an average sales price of $141,906 (cheapest was $5,000 (time share) – most expensive was $224,900).
* 17 Condos sold in 2010 for an average sales price of $111,965 (cheapest was $25,000 – most expensive was $259,000).
* 25 Condos sold in 2009 for an average sales price of $138,468 (cheapest was $41,000 – most expensive was $350,000).

2011 Quarterly Condo Sales
* 6 Condos Sold during 4th Quarter 2011 ~ Average Sales Price: $127,133 ~ Average of 190 Days on Market. Price Range: $5,000 - $220,000.
* 5 Condos Sold during 3rd Quarter 2011 ~ Average Sales Price: $144,520 ~ Average of 257 Days on Market. Price Range: $33,000 - $224,900.
* 3 Condos Sold during 2nd Quarter 2011 ~ Average Sales Price: $209,967 ~ Average of 1471 Days on Market. Price Range: $185,000 - $212,000.
* 3 Condos Sold during 1st Quarter 2011 ~ Average Sales Price $108,000 ~ Average of 19 Days on Market. Price Range: $63,000 - $142,000.

Ocean Shores Vacant Lot Sales
The number of vacant land transactions decreased this year by 16.9% over last. The constant challenge of getting buyers to assume the Street LID or getting sellers to pay it off has proven to be a challenge in obtaining sales. Like last year, a lot of sellers rapidly dropped their prices to unload these lots to really low prices which did motivate numerous buyers to take advantage of the cheap pricing. 62 of the 136 lots sold this year sold for under $15,000. 24 of them sold for less than $10,000.

2011 Vacant Lot Sales
There are currently 416 lots on the market for an average list price of $49,007. There are 8 lots currently pending for an average list price of $17,143. It took 320 days to sell a vacant lot in 2010 compared to 265 days in 2011. One lot took 1951 days to sell…

* 136 Lots sold in 2011 for an average sales price of $27,987 (cheapest was $4,999 – most expensive was $175,000).
* 159 Lots sold in 2010 for an average sales price of $27,953 (cheapest was $5,000 – most expensive was $179,500).
* 134 Lots sold in 2009 for an average sales price of $34,968 (cheapest was $8,500 – most expensive was $155,000).

2011 Quarterly Vacant Lot Sales
* 29 Lots Sold during 4th Quarter 2011 ~ Average Sales Price: $31,724 ~ Average of 248 Days on Market. Price Range: $4,999 - $175,000.
* 42 Lots Sold during 3rd Quarter 2011 ~ Average Sales Price: $28,346 ~ Average of 303 Days on Market. Price Range: $6,000 - $127,000.
* 36 Lots Sold during 2nd Quarter 2011 ~ Average Sales Price: $25,873 ~ Average of 269 Days on Market Price Range: $6,500 - $145,000.
* 29 Lots Sold during 1st Quarter 2011 ~ Average Sales Price $26,355 ~ Average of 220 Days on Market Price Range: $7,500 - $130,000.

2011 Multifamily Sales
1 Multifamily Building sold in Ocean Shores in 2011 for $179,900. It was a 4-plex that was a foreclosure. 1 Multifamily Building sold in Ocean Shores in 2010 for $149,500. It was also a foreclosure.

2011 Commercial Property Sales
3 Commercial Properties sold in 2011 for an average price of $200,500 compared to 2 sales in 2010 for an average sales price of $350,000.

Total Real Estate Sales for all of Grays Harbor
2011 – 1038 Transactions with a total volume of $112,102,309.
2010 – 987 Transactions with a total volume of $115,558,046.
2009 - 936 Transactions with a total volume of $120,726,549.

Harbor Home Sales
695 Homes sold in Grays Harbor County in 2011. Average price: $134,342.
652 Homes sold in Grays Harbor County in 2010. Average price: $145,991.
626 Homes sold in Grays Harbor County in 2009. Average price: $152,428.
Harbor Home Sales Summary
Ocean Shores – 169 Homes sold
Aberdeen – 161 Homes sold
Hoquiam – 97 Homes sold
Elma – 57 Homes sold
Westport – 49 Homes sold
Montesano – 44 Homes sold
McCleary – 26 Homes sold
Cosmopolis – 22 Homes sold
Pacific Beach – 20 Homes sold
Oakville – 14 Homes sold
Grayland – 13 Homes sold
Copalis Beach – 10 Homes sold

Harbor Condo Sales
31 Condos sold in Grays Harbor County in 2011. Average price: $137,858.
41 Condos sold in Grays Harbor County in 2010. Average price: $124,232.
43 Condos sold in Grays Harbor County in 2009. Average price: $159,185.

Ocean Shores vs Westport Condo Sales
Westport – 13 (22 in 2010) Condos sold in 2011: Average price: $134,323.
Ocean Shores – 17 (17 in 2010) Condos sold in 2011. Average price: $141,906.

Harbor Vacant Lot Sales
263 Vacant Lots sold in Grays Harbor County in 2011. Average price: $43,800.
240 Vacant Lots sold in Grays Harbor County in 2010. Average price: $43,099.
206 Vacant Lots sold in Grays Harbor County in 2009. Average price: $44,004.
Harbor Vacant Lot Sales Summary
Ocean Shores – 136 Lots sold
Montesano – 53 Lots sold
Westport – 10 Lots sold
Hoquiam – 10 Lots sold
Elma – 9 Lots sold
Aberdeen – 7 Lots sold
Copalis Beach – 7 Lots sold
McCleary – 7 Lots sold
Pacific Beach – 7 Lots sold

Check out property listings from your smart phone here!

Washington Coastal Community Comparisons
Residential sales on Washington’s coast were down for the most part. Some areas were actually up though. Below is a comparison of the four major coastal areas.

Ocean Shores / Ocean City
* 171 Homes sold in 2011 for an average sales price of $143,482. Total volume was $24,535,361.
* 181 Homes sold in 2010 for an average sales price of $169,776. Total volume was $30,726,526.
* 184 Homes sold in 2009 for an average sales price of $172,641. Total volume was $31,765,961.

Westport / Grayland
* 62 Homes sold in 2011 for an average sales price of $126,160. Total volume was $7,821,944.
* 42 Homes sold in 2010 for an average sales price of $133,945. Total volume was $5,625,700.
* 29 Homes sold in 2009 for an average sales price of $173,594. Total volume was $5,034,237.

Seabrook / Copalis Beach / Moclips / Pacific Beach
* 34 Homes sold in 2011 for an average sales price of $269,781. Total volume was $9,172,538.
* 23 Homes sold in 2010 for an average sales price of $273,591. Total volume was $6,292,590.
* 27 Homes sold in 2009 for an average sales price of $253,987. Total volume was $6,857,650.

Long Beach / Ocean Park
* 133 Homes sold in 2011 for an average sales price of $149,703. Total volume was $19,910,500.
* 150 Homes sold in 2010 for an average sales price of $161,531. Total volume was $24,229,648.
* 145 Homes sold in 2009 for an average sales price of $171,855. Total volume was $24,919,005.

I Moved
On a personal note, I’ve gone green and joined most of my fellow agents/brokers from Coldwell Banker and I’m now at the John L. Scott office conveniently located right next to McDonalds in the heart of downtown. I’m pretty darn excited about this move as most people like the John L. Scott corporate website much better than the old one. John L. Scott now is the top-producing brokerage in Ocean Shores with the most brokers, listings and sales. Thanks!

Website Updates
Also, do me a favor and check out the updated www.cityofoceanshores.com website (I’ve made lots of changes/additions) and let me know if you have any comments. Thanks!

Click the sign for something to do every day in Ocean Shores & Grays Harbor!

Upcoming Things to Do in Ocean Shores

Razor Clam Dig

Friday, January 20 - Saturday, January 21

The evening low tide on Friday is at 4:28 p.m. and on Saturday at 5:17 p.m. It's best to hit the beach an hour or two before low tide for best results.

Antique & Collectible Show

Saturday, February 11 - Sunday, February 12th

Join us along with over 60 vendors for Valentine's Day weekend!

Beachcombers Fun Fair

Saturday, March 3 - Sunday, March 4

25th Annual event featuring exhibits, seminars, info booths & vendors.

Razor Clam Festival & Chowder Cook-Off

Saturday, March 24

The event features a pancake breakfast, artisan marketplace, kid's activities, entertainment, dancing, Clam Chowder cook-off & more.

Life's @ the Beach!

Jeff Daniel
Managing Broker