Real estate values around the Pacific Northwest have turned the corner and in 2013 our little corner of the market began recovering as well. Average residential sales prices rose 5% from 2012 values and there was a 20% increase in number of properties sold! The local condominium market posted a 10% increase in number of units sold and a 38% increase in average sales price for a 2 bdrm condominium at Westport by the Sea! The sluggish land market of 2012 rebounded with a 27% increase in number of lots sold and a 30% increase in average sales price.
The reasons for the quick turn around are largely due to the artificially low prices our market was driven to in the latter part of last decade and the relatively low supply of available properties in our market. As demand has returned the limited supply has facilitated a quicker rise toward what would be a "normal" market value for beach property. We are still not there yet… which means the time is right to consider making a purchase on the coast. Contact one of the knowledgeable professionals at Windermere Real Estate Westport to find out more!