The RSIR Waterfront Report | The Most Coveted Property Lifestyle
Heed the Call of the Water
The beautiful landscapes of the Pacific Northwest aren’t complete without our water views. From in-city waterfronts along our lakes and the majesty of the Puget Sound, to island living and vistas along Washington’s scenic port towns, there’s nothing like finding a piece of shoreline to call your own.
Realogics Sotheby’s International Realty has observed over two years of waterfront transactions, from January 2019 through March 2021 across Western Washington’s most sought-after destinations.
By first looking at transactions by county we will start to look at price points generally, as well as the time on the waterfront homes are on the market, and larger trends that indicate which times of year are ideal to enter the market as a seller or buyer. Following a year where we’ve seen such significant price growth, increase in demand coupled with short time homes are on the market across the region, one thing is certain—that working with a Realogics Sotheby’s International Realty waterfront expert in order to achieve your goals, whether you’re buying or selling a primary residence, second home, or remote getaway, is an absolute necessity.
Island & San Juan
Island and San Juan Counties boast some of the most sought-after waterfront retreats in the state. Whether luxury is the name of the game, and buyers seek opportunities to fly or boat-in to their secluded properties, or seek investment on the shores of Lopez, Orcas, of course, San Juan Island, or one of the many smaller islands of San Juan County, you’ll likely experience higher average sales prices in San Juan than Island County—home Camano and Whidbey Islands. The median sales price in both counties jumped year-over-year, in Island County from $695K in 2019 to $849K in 2020, and the number of closed home sales remained fairly steady between 2019 (183) and 2020 (199). In San Juan County, the median sold price has been ticking up since 2016. Last year, the median sales price for a home on the shores of the San Juans was $1.173 million, with 130 closed sales. Just 94 homes sold in 2019.
Whatcom & Skagit
From homes located along the Admiralty Inlet and Port Susan up to the Canadian border, Whatcom and Skagit County waterfront residential selling in 2019 peaked bimodally: first in June at 13.2 percent of annual waterfront sales, then in July at 14.1 percent. The concentration of dollar-denominated volume in the latter month was sharper, at 14.9 percent of overall waterfront sales. The monthly shares of waterfront sales in proportion to annual sales only exceeded their non-waterfront equivalents in four months of 2019: May, June, July, and September. More than 38 percent of waterfront transactions in the Northern Subregion were closed before and after the first and last of these months.
The difference between median selling prices of waterfront sales and those of non-waterfront sales declined stepwise by quarters, from $204,500 in 2019 Q2, to $147,800 in 2020 Q1.
To learn more about RSIR’s Waterfront Report, please visit RSIRWaterfront.com. If you’re interested in learning even more, please contact us - we have years of experience representing our clients in the sales and purchases of waterfront homes and would be delighted to help you find or sell yours.