2022 Waterfront Report | Waterfront Property Trends
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 2020 through March 2022 across Western Washington’s most sought-after destinations.
Camano Island
Buyer demand for waterfront living on Camano Island was up in 2021, but unlike other communities, so was new listings traffic. New listings were up by 20% year over year, and the number of closed sales went up even more. It was a seller’s market, and waterfront homeowners who listed through March 31, 2022 saw an advantage. The median sales price was up by almost 19% to $957,000. The average price per square foot was up by almost 12%. And most telling, the average percent of the asking price was 106%–up from 99% the year before. Less than a month of inventory was available from January 1, 2021 through March 31, 2022, on average. Escalating interest rates may impact the purchasing power of potential buyers on Camano, with a median sales price that’s less than a million. If you’re seeking a primary or second residence on the waters of Port Susan or Skagit Bay, or are ready to list, RSIR brokers have proven results with two of the top three sales of the area represented by RSIR global real estate advisors.
The San Juan Islands
High-bank, low-bank, neighborly enclaves, and private islands. The San Juan Islands are one of Washington’s most sought-after destinations. While some here are searching for a primary residence, many are investing in second homes, and there are few better investments than these saltwater shores. In 2021, the highest sold price in the San Juans was an off-market sale of $14 million on Orcas Island, and the following top three sales in the Northwest Multiple Listing Service were in the $7 millions. Still, the median sold price for January 2021 through March 2022 was $1.65 million, up from the median sales price of $1.173 million in 2020. The average price per square foot also went up by 60% between 2020 and 2021. Listing in this market may require patience, however. The average number of days on market over the past three years has been 207 days, 215 days, and 111 days, respectively. The average months of inventory suggest an advantage for buyers, and the average percent of asking price was 96% in 2020 and 98% the following year.
Download Your Own Copy of the Report!
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.