Nehalem home sales prices soared again this year. The number of homes on the market was down 25% from last year with only 21 coming to market and sales were down 12% from the prior year with 21 homes sold. A low inventory situation. The list price-to-sales price ratio was up this year to 101% in Nehalem. Competitive bidding was incredible. Days on the market were lower yet again, 27% lower, to an average of 60 days from listing to close. Our market in Nehalem is under immense pressure. See the graph below:
Record Gains
In Nehalem for the 2021 season, we saw a reduced number of homes come to market on the back of a record-low inventory during 2020. With that, prices spiked for a record increase in sold property values. Up 29% from last year. Last year’s numbers (which were a record as well) pale in comparison. Nehalem has been discovered as a great place to raise a family.
The market average increase for North Coast communities in 2020 was 20%. We thought that was wild. In the last year, the average sales price up and down our coast increased another 28%. Manzanita saw an increase of 55% and Neahkahnie was up 50%. The price increases are unprecedented. The MLS reporting of the numbers was simply incredible this year.
See the graph below:
Seller’s Market
It’s a seller’s market. Demand is high. Prices are at an absolute record high. Call us if you want to speak in detail about home sales.
