2023 Olympic Peninsula Saltwater Waterfront Real Estate
Grapeview to Totten Inlet
Average sales price in 2022 = $1,077,700
Up 25% from 2021
Understanding this year’s real estate market requires last year’s data. That's because homes sold in 2022 are the comparable sales (comps) upon which 2023 listings are based.
To level the playing field, manufactured homes, condominiums, and land sales are not included in this comparison – only “single-family homes” sold.
Let's face it, some areas have bigger homes on average than others. That's because homes used for vacationing are smaller than full-time residents and this variation should not be a factor when comparing beaches. WHY? Because families wants a 2000 square foot home, not an "average sized" home for any given beach. For this reason, I calculate the average price per square foot.so you can compare apples to apples.
Each dot on the chart below is a 2022 waterfront home sale, placed on the chart by its price verses its square footage. The red line is a mathematical average calculated from these dots to determine the average sale price at any given size of home. From this, you can compare the price of a 2000 square foot home (or any sized home) on any given waterway. OR, if you have a set budget, you can see how large of a home your investment will buy on this beach when compared to others.
The sample size for Pickering Passage is too low in 2022 to determine much of anything. For example, two sales out of the five properties sold in 2022 determined the 25% rise in value. To note that 25 waterfront homes on Pickering Passage sold in 2021 as opposed to 5 in 2022 is probably the only worthwhile statistic I can offer.
“Time to Close” is defined as the day a property is listed to the day it closes. That includes showings, negotiating the offer, inspections, and an average of 30-40 days of escrow. Remember, cash sales close faster because no bank appraisal is necessary. Also, some areas close quicker because of the availability of inspectors, appraisers, tradesmen, and escrow professionals. Still, this is a good judge of market activity.
To determine this area’s Days on Market, the same dots used on the other charts are now marked by the sale price vs. how much time it took to sell. I then draw a red line to indicate the average time to close.
Due to their proximity to services, some beaches are better suited for full-time residents while others for vacationers. This also determines how this waterway is developed - no not as the case may be. This changes real estate buying patterns.
Buying patterns take on additional significance in 2022. Interest rates started to tentatively rise in March, however after a .50 increase in May, the fed rate rose .75 for four of the remaining seven months with another .50 in December. This affected all-around spending including real estate.