2015 South Sound Waterfront Home Values


What is the price per square foot for a Mason County waterfront home right now?

The problem is that every beach is different. How can you generalize when some properties have higher banks and water temperature is colder. What are the boating options, the views and proximity to services?

To compare South Puget Sound beaches, I break the numbers up into real estate areas. Each area has its own price range based but can be just minutes apart.

To talk about real estate prices, you have to use actual sales. For each beach area, I have created four charts from actual sales data taken directly from the MLS to tell the story of each beach and its value in 2015.  I can guarantee only one thing – no home that sold in 2015 was exactly like any other home. One home may have a dock or a granite counter-top but without question, there is a comp here for every home.

Chart #1 – "Scattergram Pricing Chart"

Each dot is an actual sale. The vertical axis is price and the horizontal is its square footage. Given all these points of sale, the blue line is a mathematical average of the "price per square foot" at any given size. This will give you some idea of the cost of an area home by footage.

Chart #2 – "Time to Sell"

This chart is “Days on Market” in 2015 – the time required to sell a beach house as a function of its price. You can combine the information from this chart with the "Buying Patterns" chart to get an idea when best to list a home.

Chart #3 – "Buying Pattern"

This chart documents "Buying Patterns" from the perspective of price to the date it sold. This is an attempt to determine what time of the year beach homes are sold. Remember, the "date sold" is when a sale closed and recorded, not when the sellers agreed to an offer. Subtract about 40 days to get when the seller agreed to their offer.

Chart #4 – “What are the Odds of Selling Your Home?”

What percentage of homes for sale in a particular area actually sold? For example, on Harron Island, there were seven waterfront homes available for sale in 2015. One sold which means the odds of selling a waterfront home on Harron Island in 2015 was 14%. The blue bars represent what sold, red is those homes that either the listing expired or was cancelled, green is homes still for sale and yellow is sales that are pending.  This chart is not just about demand. It also speaks to supply, what homeowner and buyer expect and suggests how this may affect pricing.

Click below on the area you are interested in comparing:

Posted on February 9, 2016 at 9:47 pm
Mike Mostyn | Category: Homes for sale | Tagged , , , , , , ,

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