The 29th Annual Salt Waterfront Sales Report
Every year for the last 29 years, the Weigands have delivered annual reports on the sales of waterfront properties in Thurston County. This year Spence Weigand delivers the 29th Annual Salt Waterfront Sales Report for Thurston County.
Dear Salt Waterfront Owners:
At the risk of sounding like a broken record in recent newsletters’ past, I will note that Thurston County’s 2019 salt waterfront sales market can once again be characterized in two thematic ways: ongoing static low inventory levels and steadily appreciating prices.
The current selection of available homes for sale is the lowest I’ve seen in the many years I’ve been tracking them. Currently, only 13 waterfront homes are for sale across Thurston Coun-ty’s four peninsulas. Of those thirteen, seven of them are “pending” sales meaning they are no longer available to purchase. Traditionally, at this time of year, well more than triple this number of waterfront homes were available to purchase. In short, it is a wonderful time to be a seller!
Given the glaring lack of available inventory to buy, it should come as no shock that the 2019 average sales price was 12.5% higher than the average sales price in 2018. In addition, 2018 was an increase of 9% over the average sales price in 2017. One anomaly: one would think there would be fewer sales than in years past given the lack of available inventory to purchase. That is not the case. The total of 99 sales in 2019 represented an increase of over 20% more sales than in any of the years from 2015-2019 ! I was involved in 27 of those 99 sales last year.
The state of the “upper end” of the waterfront market continues to flourish. There were 21 sales in 2019 which exceeded one million dollars. There were 15 in 2018 and only 6 in 2017. The percentage of “affordable” sold waterfront homes (less than 700K) continues to diminish as a reflection of the whole. Only 45% of the homes sold in 2019 were for less than 700K. In 2018 those homes were 50% of the market, and in 2017 they were 69% of the market.
The number of sales of raw waterfront land parcels in 2019 was its highest number over the last five years. However, there was flat value appreciation on those sales. I expect this market segment to plod slowly forward due to stricter county shoreline development regulations.
I will close by predicting that the waterfront homes inventory shortage will continue through 2020 and beyond. The typical Springtime onslaught of new inventory coming to market will quickly be absorbed by pent-up demand thereby affixing the static low inventory levels we are experiencing now. It remains to be seen how nervousness regarding Covid-19 and apprehension about our impending national elections will impact the market, but my crystal ball says any impact will be negligible.
Enjoy your lifestyle property!
THE 25 MOST RECENT SALT WATERFRONT SALES GROUPED BY PENINSULA
SALT WATERFRONT SALES FOR LAST 5 YEARS
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!”