The 27th Annual Salt Waterfront Sales Report
Every year for the last 27 years, the Weigands have delivered annual reports on the sales of waterfront properties in Thurston County. This year Spence Weigand delivers the 27th Annual Salt Waterfront Sales Report for Thurston County.
The last year turned out to be a very good one for 2017 salt waterfront owners, and all signs point to more of the same in 2018! The market continues to suffer from a complete lack of available inventory for sale. We are now at historically low inventory levels. As of this writing, there are only 12 salt waterfront homes for sale on all four Thurston County peninsulas in all price ranges—and of those 12 two are pending sales so they are not truly available to purchase. The dramatic dearth of available salt waterfront homes for sale has caused the expected increase in average sales prices. 2017 showed an increase in average sales prices of 12% over 2016—with 2016 showing a 6% increase in average sales prices over 2015. So it’s clear for now where our market is headed, and it’s an absolutely fabulous time to be a salt waterfront seller!
“Affordable” waterfront homes have consistently dominated the purchase market over the last several years. Approximately 67% of the 2017 sales were for $700,000 or less. Only six homes breached the million dollar threshold, and only one property sold for more than 2 million dollars. Given the strength of the sellers’ market in which we are operating, it’s a bit of a surprise that the number of homes sold in 2017 barely exceeded the levels of 2015 and 2016. Why is that? There are more buyers circulating in the market now than at any time in the recent past. But … there’s relatively nothing for them to purchase.
The salt waterfront raw land market continues to plod along slowly due mostly to highly restrictive development requirements. There were 10 sales in 2017, but my crystal ball shows this segment of the market will continue on in a stagnant manner … or even soften as we go forward.
As we head into the season when the days are longer, the sun is out more, and bright colors begin to liven the landscape, I anticipate that we will see what has typically been the case over time-a seasonal “rush” of salt waterfront homes being pushed to the market. However, as demand dramatically outstrips supply in our current market, I expect that “rush” of available homes for sale to be quickly absorbed by trafficking buyers. Hence, I believe the current market theme of low inventory levels will continue throughout 2018 and beyond.
Salt Waterfront sales for the Last Five Years -- HOMES AND VACANT LAND
2017 Salt Waterfront Sales by Range of Sale -- HOMES ONLY
THE 25 MOST RECENT SALT WATERFRONT SALES GROUPED BY PENINSULA
THE 25 MOST RECENT SALT WATERFRONT SALES ON STEAMBOAT ISLAND
THE 25 MOST RECENT SALT WATERFRONT SALES ON COOPER POINT
THE 25 MOST RECENT SALT WATERFRONT SALES ON BOSTON HARBOR
THE 25 MOST RECENT SALT WATERFRONT SALES ON JOHNSON POINT
Please bookmark www.OlympiaWaterfront.com if you are interested in having market updates more regularly than with this annual report/ newsletter. We update the website weekly providing recent sales along with a rooster of currently listed salt waterfront homes and land parcels. It is a fantastic time to be a waterfront seller. The only downside is that if you sell, you move, thereby giving up the lifestyle to which you’re accustomed … unless you move to another salt waterfront property! Enjoy life on the bay!”