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 1st) ~ 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.
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
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
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.
Saturday, February 11 - Sunday, February 12th
Join us along with over 60 vendors for Valentine's Day weekend!
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
711 Point Brown Ave NW
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