Ocean Shores Real Estate - 2016 Year in Review

Real Estate

 

Ocean Shores Real Estate - 2016 Year in Review


Greetings from the beach...
2016 has been the greatest year for real estate sales in the history of Ocean Shores. Everything but inventory is up. Sales are up! Prices are up! This has been the best year for sales activity and price gains since the real estate boom years of 2005 & 2006.


Ocean Shores Residential Sales
Ocean Shores residential sales increased over 3% in 2016. 321 homes sold last year up from 310 in 2015. We've never seen this many residential sales - even since 2005 when 318 homes had sold. Home prices jumped 6.1% to an average price of $183,752. This is the third highest level home prices have been in Ocean Shores. The highest was in 2006 when the average home sold for $205,838 and $189,312 in 2005. The most expensive home to sell in 2016 was $425,000. Just over 8% of our home sales were foreclosures in 2016. That number was 11% in 2015 and 18% in both 2013 and 2014. The great news for now though is that only 4 homes on the market today are foreclosures.
2016 Home Sales
The average home that sold last year in Ocean Shores was 1,378 square feet and took 133 days to sell compared to 1,496 square feet and 148 days in 2015. 89 homes sold in 30 days or less compared to 63 in 2015. One house took 3,791 days to sell… There are only 118 homes on the market right now compared to 127 homes last year at this time. This is an inventory decrease of 7% ~ Average list price: $237,175 (it was $214,989 last year at this time) ~ Average of 151 Days on Market compared to 241 days last year. There were 39 Homes pending on January 1st compared to 28 last year at this time… ~ Average list price of those: $184,181 compared to $168,500 in 2015.
OS Annual Home Sales
* 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).
* 169 Homes sold in 2012 for an average sales price of $138,995 (cheapest was $12,000 – most expensive was $580,000).


2016 Quarterly Home Sales
* 75 Homes Sold during 4th Quarter 2016 ~ Average Sales Price: $204,966 ~ Average of 115 Days on Market. Price Range: $20,000 - $425,000.
* 99 Homes Sold during 3rd Quarter 2016 ~ Average Sales Price: $176,603 ~ Average of 104 Days on Market. Price Range: $34,000 - $450,000.
* 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.
 
Ocean Shores Condo Sales
2016 was a great year for condo sales in Ocean Shores. 53 Condos sold compared to 33 last year - a jump of over 60%! The reason for the big jump in condo sales is because of the Oyhut Bay condo renovations that have taken place at the old Villages project that was foreclosed on. Twenty one of the 53 condos sold in Ocean Shores were at Oyhut Bay. Condo inventory is way down compared to last year. There are only a few Ocean View/Ocean Front condos available. Most of the available condos on the market right now are “condotels” - such as the Canterbury, Grey Gull, Polynesian, etc. Five condotels sold last year compared to three the year before. Hopefully, more of them will sell in 2017. Prices are still very good for them historically speaking.

2016 Condo Sales
The average condo that sold last year in Ocean Shores was 982 square feet and took 92 days to sell compared to 1,034 square feet and 162 days in 2015. Only 2 out of the 53 condos sold last year were foreclosures. There are only 31 condos on the market (52 last year) for an average list price of $156,265 (compared to $122,952 last year). Six condos are currently pending for an average list price of $149,975.

OS Annual Condo Sales
* 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).
* 17 Condos sold in 2012 for an average sales price of $107,191 (cheapest was $25,000 – most expensive was $215,000).
* 17 Condos sold in 2011 for an average sales price of $141,906 (cheapest was $5,000 (time share) – most expensive was $224,900).

2016 Quarterly Condo Sales


* 8 Condos Sold during 4th Quarter 2016 ~ Average Sales Price: $130,988 ~ 78 Days on Market. Price Range: $25,000 - $252,000.
* 14 Condos Sold during 3rd Quarter 2016 ~ Average Sales Price: $127,446 ~ 145 Days on Market. Price Range: $45,000 - $240,000.
* 19 Condos Sold during 2nd Quarter 2016 ~ Average Sales Price: $124,279 ~ 74 Days on Market. Price Range: $38,000 - $218,000.
* 11 Condos Sold during 1st Quarter 2016 ~ Average Sales Price: $130,443 ~ 79 Days on Market. Price Range: $38,000 - $186,500.
* 14 Condos Sold during 4th Quarter 2015 ~ Average Sales Price: $140,650 ~ 105 Days on Market. Price Range: $27,000 - $269,000.

   

Ocean Shores Vacant Lot Sales
2016 was an solid year for lot sales in Ocean Shores. Vacant land sales increased just over 3% this past year at the beach. Average sales price decreased just over 4%. Like last year, a lot of sellers dropped their prices to unload these lots to really low prices which did motivate numerous buyers to take advantage of the cheap pricing. Sixty-six (84 last year) of the 278 lots sold last year for $10,000 or less... There are still a lot of foreclosed lots available in Ocean Shores but that number is decreasing and is now under 200. Inventory is down over 18% from last year at this time, while last year our lot inventory was up over 13% from 2014. There are only 34 (51 last year and 89 in 2014) lots listed for $10,000 or less presently… As this number continues to go down, prices will go up...

2016 Vacant Lot Sales
There are 501 (612 last year) lots on the market right now for an average list price of $30,779 ($30,946 last year). 194 of those are city-owned foreclosure lots compared to 225 last year at this time. There are 20 (8 last year at this time) lots currently pending for an average list price of $22,313. It took 246 days to sell a vacant lot in 2016 compared to 354 days in 2015. One lot took 3,604 days to sell…

OS Annual Lot Sales
* 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).


2016 Quarterly Vacant Lot Sales
* 58 Lots Sold during 4th Quarter 2016 ~ Average Sales Price: $20,010 ~ Average of 229 Days on Market. Price Range: $4,700 - $71,500.
* 87 Lots Sold during 3rd Quarter 2016 ~ Average Sales Price: $26,520 ~ Average of 228 Days on Market. Price Range: $6,000 - $97,000.
* 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.
 
 


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!


2016 Multifamily Sales
Six Multifamily buildings sold in Ocean Shores last year compared to three in 2015. Two of the apartments that sold were foreclosures. Average sales price was $215,475 down from $260,000 in 2014. Average square footage was 3,506.
 

2016 Commercial Property Sales
Six Commercial properties sold in Ocean Shores last year down from eight sales in 2015. Price range was $29,000 to $410,00 compared to $58,000 - $1,280,000 in 2015.

 
 

Total Real Estate Sales for all of Grays Harbor
2016 – 1757 Transactions with a total sales volume of $227,172,500 (an increase of volume of over 25% from 2015).
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.
2012 – 1004 Transactions with a total sales volume of $101,896,506.
2011 – 1038 Transactions with a total sales volume of $112,102,309.

 

Grays Harbor Home Sales
1202 Homes sold in Grays Harbor County in 2016. Average price: $162,577 (an increase in average sales price of over 11%).
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.
673 Homes sold in Grays Harbor County in 2012. Average price: $122,038.
695 Homes sold in Grays Harbor County in 2011. Average price: $134,342.

Grays Harbor Home Sales Summary
Ocean Shores – 321 (+11) Homes sold for an average price of $183,752 (over 6% increase in average price).
Aberdeen – 273 (+30) Homes sold for an average price of $120,795 (over 15% increase in average price).
Hoquiam – 147 (+38) Homes sold for an average price of $86,694 (over 2% increase in average price).
Elma – 111 (+ 21) Homes sold for an average price of $188,452 (over 14% increase in average price).
Montesano – 90 (+13) Homes sold for an average price of $195,815 (over 16% increase in average price).
Westport – 59 (+14) Homes sold for an average price of $148,102 (over 8% decrease in average price).
McCleary – 49 (+18) Homes sold for an average price of $162,416 (over 10% increase in average price).
Cosmopolis – 35 (+16) Homes sold for an average price of $129,631 (over 1% increase in average price).
Pacific Beach/Seabrook – 33 (+17) Homes sold for an average price of $524,042 (over 50% increase in average price).
Oakville – 28 (+10) Homes sold for an average price of $169,451 (over 20% decrease in average price).
Grayland – 24 (-1) Homes sold for an average price of $168,743  (over 24% increase in average price).
Copalis Beach – 12 (-1) Homes sold for an average price of $162,940 (over 2% increase in average price).
Moclips – 7 (+2) Homes sold for an average price of $178,714 (over 7% increase in average price).

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.
31 Condos sold in Grays Harbor County in 2012. Average price: $129,226.
31 Condos sold in Grays Harbor County in 2011. Average price: $137,858.

Ocean Shores vs Westport Condo Sales
Ocean Shores – 53 (+20) Condos sold in 2016. Average price: $125,589.
Westport – 11 (-5) Condos sold in 2016: Average price: $162,309.


Grays Harbor Vacant Lot Sales
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 - 278
Elma - 21
Aberdeen - 18
Westport - 16
McCleary - 15
Pacific Beach - 12
Grayland - 11
Copalis Beach - 11
Montesano - 10
Hoquiam - 9
Oakville - 7
Moclips - 7

Washington Coastal Community Comparisons


Residential sales activity and average sales prices on Washington’s coast were up dramatically in all areas in 2016. Below is a comparison of the four major coastal areas in Washington State:

Ocean Shores / Ocean City
* 379 sales in 2016 for an average sales price of $173,406. Total volume was $65,720,852 up from $54,112,736 in 2015.

Long Beach / Ocean Park


* 348 sales in 2016 for an average sales price of $173,843. Total volume was $60,497,230 up from $49,056,470 in 2015.

Westport / Grayland


* 98 sales in 2016 for an average sales price of $149,518. Total volume was $14,652,732 up from $9,878,109 in 2015.


Seabrook / Copalis Beach / Moclips / Pacific Beach
* 50 sales in 2016 for an average sales price of $398,354. Total volume was $19,917,675 up from $8,253,800 in 2015.

 

  
Thanks for another great year!
I really need to thank all of my patient sellers & buyers along with all the great real estate agents, lenders, escrow & title folks and anyone else that I worked with in 2016 to make it another record setting year! This year I finished again at the top of the list with over 13.9% of all the real estate sales in Ocean Shores. I was also tops in Grays Harbor County with over 4.6% of the market share. This has been my fifth 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 brokers, listings and sales - just over 12.4% of all the real estate business in Grays Harbor County last year. Thanks!

 

2016 Ocean Shores Real Estate Brokerage Rankings
John L. Scott – 36%
Windermere – 20%
North Beach – 11%

Matrix - 8%
Laurie Christian – 7%
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!

 
 
  
 
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)

 

This message (including attachment if any) is confidential and may be privileged. If you have received this message by mistake please notify the sender by return e-mail and delete this message from your system. Any unauthorized use or dissemination of this message in whole or in part is strictly prohibited. All real estate data is taken from the NWMLS.com website.