Beach Business: Real estate sets new marks in 2017

North Coast News

Real estate continued to set new marks for numbers of homes sold and for average sales price in Ocean Shores.

“Simply put, the past two years have been the best two years for real estate sales at this beach,” said Jeff Daniel, managing broker at John L. Scott.

Prior to last year, “2016 was the greatest year for real estate sales in the history of Ocean Shores until 2017 happened,” Daniel noted. “This past year saw 400 homes sell, 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 $210,097.”

Ocean Shores

Residential Sales

Ocean Shores residential home sales increased more than 26% in 2017. “We’ve never seen this many residential sales — ever,” Daniel said. Average home prices jumped 14% for the entire year. 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 percent of home sales were foreclosures in 2017. That number was 8 percent in 2016, 11 percent in 2015 and 18 percent in both 2013 and 2014.

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. Daniel noted that 141 homes sold in 30 days or less compared to 89 in 2016. 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 percent, Daniel explained. Average list price: $243,346 (it was $237,175 last year at this time)

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).

Oyhut Bay market

The new Oyhut Bay Fresh Market could open within three weeks if all the inspections are passed and permits are obtained.

“We are that close to produce and things arriving and door opening by the end of the month,” said Daniela Werner of Oyhut Bay.

A news release online said the market “will be centrally situated in our newest retail space near Marine View Drive and will offer a concentrated variety of organic and regular seasonal fruits and vegetables, plus organic, and vegan grocery specialty items, a selection of health and beauty aids, as well as varietal local wines, and ice-cold craft beers. This new market offers not only Oyhut Bay visitors and owners the convenience of grocery and incidentals shopping but will provide an important amenity on the south end of Ocean Shores for local residents.”