Mike Mostyn's South Puget Sound Waterfront Property Report

Harstine Island

The data that create these charts was collected from the Northwest Multiple Listing Service (NWMLS) - 2017 saltwater residential sales, excluding manufactured homes, condominiums and land sales for more accurate residential averages. An accurate comparison of prices must account for seasonal fluctuations and 2017 is the most current full year on record.

How to read the activity chart

Each dot on this chart is an actual waterfront home sale placed by its price and square footage. A mathematic average is than calculated from these sales to create a line to show the average sale price at every given size. By comparing like-size homes in different areas, you get a sense of the relative prices of any one waterfront area. For example, a 2000 square foot home on Bainbridge Island averaged $1.2 million in 2017 while the same sized home on South Hood Canal was $530,000.


REMEMBER – For those looking for newer homes, newer isn’t necessarily better with Puget Sound waterfront property. For example, waterfront set-backs have increased dramatically over the years - from 25 to 75 feet. Newer homes are generally further from the water, smaller in square footage, sit on smaller lots with higher banks and tend to have less privacy.

Prices fluctuate substantially during the year

The price per square foot of waterfront homes fluctuates during the year – cheaper in the winter, more expensive during the summer. There are many reasons for a $46 per foot variation but it none-the-less happens and should be accounted for. To illustrate the general fluctuation of South Puget Sound waterfront property, here is the 2017 per square foot prices combining Pierce, Kitsap, Mason and Thurston counties.

Sellers – How do I determine when to sell?

By working backwards. First, know your area’s buying pattern – when buyers purchase homes in your area? Move back 45 days (average time for escrow) from the first month of “buying season” and you are close.

When do buyers buy waterfront property?

Each area is different. Some have a definite pattern while others have very little. Each dot on this chart is an actual sale as marked by the month it closed. REMEMBER: An average of 45 days for escrow is needed for a sale to be completed. A home “sold” in June may have been negotiated in April or May.

How active was the market?

One measure is to examine the listing success or the “Odds of Selling”. Generally, a property doesn’t sell because of price – i.e. priced too high for its condition. By knowing how many homes were for sale compared to how many actually sold, you get a sense of overall demand. Lower months supply tells you less was for sale at current demand. Generally, when home sales increased when supply of listings is down, prices rise.

 

Mike Mostyn, CRS
Washington State Listing Broker License # 106564


If you need more personal help such as pricing your waterfront home, feel free to contact me at Windermere Peninsula Properties in Belfair. I service Hood Canal - Union to Tahuya, Victor to Allyn, Stretch, Treasure and Harstine Islands as well as Grapeview & Pickering Passage however, I would happy to send you new listing alerts for any Puget Sound area. Good luck and thank you for visiting BelfairWindermere.com

 
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