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Grays Harbor housing market figures show positive growth, according to report

Grays Harbor County homes for sale inventory has risen for six months in a row, according to a new report. 

Windermere realtor Tom Quigg shared recent home sale figures to KXRO, saying that as of the end of August, the Grays Harbor County inventory of homes listed for sale rose to 430, which is 0.9% above the level of August 2018, and the highest in the past two years.

While the number listed rose, the number of home sales closed is 2.8% below August 2018.

In addition, Quigg says that his figures show the countywide average price of homes sold increased 29.8% over August of the prior year, with the inventory now at 3.1 months. 

“Selling Price as a percent of the Original Listed Price dropped to 94%, which could indicate that buyers may be driving a harder bargain.”

Locally, Quigg told KXRO that the Aberdeen/Hoquiam market continues to be a Seller’s Market for 14 of the past 15 months with median and average prices continuing  to rise with an increase of 26.1% (median price) and 33.8% (average price) over August 2018. 

In the Montesano/Elma/McCleary market, demand is remaining high with months of inventory for August 2018 at 1.6 months. Inventory of homes for sale rose by 28.6% above the prior month. The average sold price increased to $282,000, which is a high for the year; 15.6% above the average price of a home sold in August 2018.

The North Beach region, including Seabrook, experienced a 13.9% increase of homes on the market over August 2018. The median price for homes sold when compared to last year is up by 22.3% over the same period last year. The average beach home sale price increased a whopping 53% over the month of August 2018, mostly thanks to a few higher priced resale homes in Seabrook.

Quigg included two versions of charts for the North Beaches; one including Pacific Beach (Seabrook) and one without. The charts seem to run parallel to each other, with the exception that for August 2019 there is a $110,000 higher average price when Pacific Beach (Seabrook) is included.

The Westport/Grayland/Ocosta area is behaving in its typical see-saw fashion, with median and average prices falling back to prices in the midpoint range of the past 12 months. Months of Inventory is still neutral at 5.3 months.

Quigg added that his opinion is that the housing affordability issue in the Puget Sound is still causing home buyers to seek out the better values in coastal areas. 

“Even though historically low mortgage interest rates should be pushing the home sales upward, the downpayment requirement has not changed. This causes homebuyers to consider the Harbor as a good alternative. Much lower prices for a comparable home, great communities, and slower paced lifestyle are big factors in choosing where to live. Add in the traffic congestion of Puget Sound, and it tips the scales even more in our direction.”

 Here are local price updates. According to NWMLS data, the median/average prices for August 2019 are:

  • Grays Harbor County – $242,000/$266,000
  • Ocean Shores/North Beach, including Seabrook resales – $263,000/$358,000
  • Ocean Shores/North Beach, without Seabrook resales – $246,000/$247,000 
  • Aberdeen/Hoquiam – $169,000/$190,000
  • Montesano/Elma/McCleary – $263,000/$282,000
  • Westport/Grayland – $170,000/$177,000

“Keep in mind that median/average prices are for only one month and can vary greatly from month to month.”

GH Market at a Glance – August 2019

 

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