The state of the market in Manzanita real estate is endless conversation. This last year was exceptional. Inventory was very low but sales were very brisk. More below.
In other news - Meadow Davis was once again the number one broker on the north Oregon coast. Number one in the MLS and now President of Home + Sea Inc., Meadow’s list price to sales price ratio beat the MLS by over 7%. Exceptional.
Coastal Community Trends
Luxury and investment properties in coastal markets and home sales numbers are interesting in Manzanita. The data that stands out in Manzanita market specifically are the declining days on market. The numbers in Cannon Beach and to a much smaller extent, Neahkahnie tell the same story. There is demand in luxury regions.
Sales were strong in Manzanita. Pent up demand due to low inventory kept sales brisk in spite of the huge increases in home values over the last few years. Mortgage rates did not slow buyers.
The total homes available for purchase during the entire year are still half of the recent historical running inventory. It seems that regardless of paying a premium for Manzanita single family homes, demand remains strong.
This same is true of other beach communities we work in on the north Oregon coast such as Cannon Beach, Arch Cape, Neahkahnie, and Gearhart.
Price Drop?
Given the average price has increased nearly every year for the last 10 years, with the last three years bringing unprecedented gains, home values in Manzanita have stabilized. That said, the average number of homes on the market prior to the boom was between 60 and 80 at any given time. As I write this there are only 8. Inventory is exceptionally low.
Our backlog of buyers tell us we need more inventory. Will we see a gradual increase? Will the average sales price decline? Hard to say. Village homes and ocean view continue to demand record prices. In fact, we sold several homes at over 120% of list this year that were well in excess of Manzanita’s average sales price.
Still a Seller’s Market
The demand for homes has not waned as the low inventory and constant building suggest. The active days on the market are down 31% year over year in spite of the average price reaching a ceiling for the time being. With few homes on the market, there is not much to choose from. With the average price near an all time high, there is plenty to be positive about if it’s your time to sell. Call us for a free home valuation or just to chat about local goings on.
About Us - Who We Are
We’re a growing team and we couldn’t be more excited about it. We have proven year in and year out that our methods of doing business lead to success for our clients whether they are buying or selling. We also provide accurate CMAs, assist in BPOs for estate settlement and of course as any appraiser working this area can attest to, know one knows the market better. We sell more volume on the north coast than any competitor by a significant margin year in, year out.
We are an expert marketing team. We are here to assist you in achieving your financial goals. We work full time producing drone video, 3D walk-throughs, floor plans, high quality photography, interior video and print marketing included for every property. We invest in marketing your property far in excess of any of competitor. Our metrics prove our methods. We consistently beat the market, every year. We have learned that paying forward separates good results from great results. Most importantly, we never forget that we work for you.
Proud donors locally to: North Coast Land Conservancy, Lower Nehalem Community Trust, NCRD, Muddnick Foundation, Eugene Schmuck Foundation, EVCNB, Hoffman Center, Meals on Wheels, UMC CHILD program and the North County Food Bank.
