Property Buyers
Posted November 22, 2014 at 5:45 am by Tim Dustrude
Merri Ann Simonson
Merri Ann Simonson is back with a new article on local real estate…
Who is interested in property in the San Juan Islands?
Over the last twenty years, the “typical” buyer profile has not changed. The majorities of the new-comers are between the ages of 45-65 and interested in purchasing a second home or property for their future retirement. Since the recession, we have not had many investors in our market due to lack of appreciation but that will change with more market recovery.
Looking at the chart, 76% percent of the buyers live in Washington. This falls in line with the premise that most second home owners desire to purchase a home within 2-3 hours from their primary residence. The out of state buyer’s percentage was 24% with California contributing the most. California was actually down a few percentages from the last time I created this chart back in 2008.
Click for larger chart
Of the Washington Buyers, 74% had the zip code of 982XX. This high level supports the practice of buyers moving to the islands first then purchasing real estate later. Many buyers desire to experience the island community, schools and employment for a period of time prior to making their buying decision. It is also much easier to shop for real estate while living here.
The breakdown for property type includes 64% for homes, condominiums and manufactured units, 27% land/lot sales with 9% commercial and multifamily. This supports the fact that you can buy existing homes for less than the price of constructing a new home.
Real estate volume and transaction numbers are increasing, inventory is starting to be absorbed in several of the categories of our market, and the general attitude is positive. 2015 looks promising for those that desire to sell or buy property in the San Juans.
Article by:
Merri Ann Simonson
Coldwell Banker San Juan Islands Inc
[email protected]
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