The 28th Annual Salt Waterfront Sales Report

Every year for the last 28 years, the Weigands have delivered annual reports on the sales of waterfront properties in Thurston County. This year Spence Weigand delivers the 28th Annual Salt Waterfront Sales Report for Thurston County.

28th Annual Salt Waterfront Homes Sales Report

The 2018 Thurston County waterfront market resembled that of 2017 in two thematic ways: Static low inventory accompanied by steadily appreciating prices. Current waterfront inventory is the lowest I have seen it in the near quarter-century I’ve been selling waterfront in our community. As I write this, there are but 20 waterfront homes for sale on all four of Thurston County’s peninsulas, across all price ranges – and of those twenty, sales are pending on five, so in reality, they are not for “sale.” Typically, over the last couple of decades, at this time of the year, we saw well more than double that inventory. It should come then as little surprise that the dearth of available inventory resulted in a 2018 average sale price increase of nine-percent over that of 2017. That translates to an excellent time to be a waterfront home seller.

Another change from 2017 to 2018 is notable. In 2018 15 waterfront home sale prices exceeded one-million dollars. In contrast, in 2017, six waterfront home sale prices met or exceeded that threshold. Sale prices less than $700,000 were 50% of the 2018 market. In 2017, those sales represented 69% of the market. The overall annual market for waterfront
homes remained steady from 2015 through 2018, in the range of 74 to 80 sales per year.

As brisk as the waterfront home sales market has been, raw land waterfront parcel sales are lukewarm, with flat value appreciation. Credit this anomaly to increased shoreline setback requirements coupled with local jurisdictional hurdles when developing raw land waterfront. It is my sense this market segment will remain soft through 2019.

I expect pent-up demand to absorb the typical Springtime listing rush of waterfront homes that come on market, thereby continuing low inventory levels through the remainder of 2019 and beyond.

Beautiful Salt Waterfront Home on Cooper Point Sold by Spence.

2018 Salt Waterfront Sales by Range of Sale -- HOMES ONLY

THE 25 MOST RECENT SALT WATERFRONT SALES ON STEAMBOAT ISLAND(2019)

THE 25 MOST RECENT SALT WATERFRONT SALES GROUPED BY PENINSULA

THE 25 MOST RECENT SALT WATERFRONT SALES ON STEAMBOAT ISLAND(2019)

THE 25 MOST RECENT SALT WATERFRONT SALES ON COOPER POINT(2019)

THE 25 MOST RECENT SALT WATERFRONT SALES ON BOSTON HARBOR(2019)

THE 25 MOST RECENT SALT WATERFRONT SALES ON JOHNSON POINT(2019)

Steamboat Island

THE 25 MOST RECENT SALT WATERFRONT SALES ON STEAMBOAT ISLAND(2019)

Cooper Point

THE 25 MOST RECENT SALT WATERFRONT SALES ON COOPER POINT(2019)

Boston Harbor

THE 25 MOST RECENT SALT WATERFRONT SALES ON BOSTON HARBOR(2019)

Johnson Point

THE 25 MOST RECENT SALT WATERFRONT SALES ON JOHNSON POINT(2019)

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!”

Contact Spence Weigand


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