It’s hard to believe the end is near. The end of 2018, that is. Was it a good one?
My feeling are it was a great year for real estate, up to a point. The prices jumped quite a bit and inventory was way, way down. That was good for Sellers, not so much for Buyers. Then the interest rates started to creep up. For many of us, it still seems low considering what we might have had to pay, but it priced a few buyers out of the market. So, inventory started to build but there weren’t as many buyers in the game.
Hardest hit were the big cities where multiple offers were the norm and sales prices over asking price were expected. The Long Beach Peninsula works a little differently, thank goodness! I think sellers in our area are more in tune with what is reasonable and they were able to temper their expectations with rational thinking.
So, here’s the scoop on recent sales.
Between September 1 and October 31, 2018 there were 32 Vacant Land Sales reported through the Northwest Multiple Listing Service. The prices were all over the board, from a low of $9,000 on a Sunset Sands lot to a high of $250,000 for a bay front lot. Two properties had been on the market for over 4 years! So there is hope for you, if you’re sitting on a vacant lot, waiting for a buyer! If you’re not listed, you might want to call Discovery Coast Real Estate and see what we can do to help.
Homes and Condos accounted for 81sales during this period of time. These sales ranged from $55,000 to $610,000. 22 of these sales were attributed to Discovery Coast Real Estate! Average days on the market were just 94 which takes into account a few houses that lingered for 3 years or so.
In addition to homes and land, three businesses changed ownership in this time frame. Remember, these are just properties that were report in the NWMLS. Many sales are outside sales. If you’d like information on what commercial properties sold other than these three, let me know and I’ll help you research them.
So, what does this mean for the coming year? That’s largely up to you. Our economy is booming in the United States. People with a vision, who are willing to work for what they get, can find a lot of opportunities at the beach. Or, if you’ve already done your time and are ready to retire and enjoy life, I can’t think of a better place to do it. Affordable, community-spirited, and livable – that’s the Long Beach Peninsula!
Let Discovery Coast Real Estate help you make your dreams come true, because life truly is, BETTER AT THE BEACH!
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For more details on sold properties, click SOLD!