Building is brisk, yet inventory is always low in Neahkahnie. The mortgage rate is the highest we have seen in ages, yet the average days on market are down, year over year, again. Buyers are still calling daily and our off market sales set another new record. There is a lot going on. More on the state of the Neahkahnie market below.
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%, bucking the trend again.
Coastal Community Trends
Of note in luxury coastal markets and also true in Neahkahnie are that sales prices have remained very strong. The number of homes that have come to market in Neahkahnie have increased in the last few years as savvy Neahkahnie owners looked to take their winnings. This particular market watches the trends closely and many exercised their option. As an example we listed a home this year for a Neahkahnie client which we sold just north of 140% of list. The sale was notable enough to be covered unsolicited by the Oregonian as one of the top 10 sales in the state last year.
Pent up demand due to low inventory kept sales brisk in spite of the large increases in home values over the last few years in Neahkahnie and other luxury coastal locations.
Regardless of premiums for Neahkahnie single family homes, demand is still high and in line with what we still see across all luxury ocean view communities we work in including Arch Cape, Cannon Beach and Gearhart.
Slight Gains
Will we see a gradual increase this year in Neahkahnie? Will the average sales price decline as forecast by the talking heads? Hard to say. Neahkahnie continues to increase in value by the numbers. Village homes and ocean view continue to demand record prices for quality properties.
In fact, we sold several homes at over 120% of list this year that were well in excess of the Neahkahnie average sales price. We also (re)set the record for a SFH sale in Neahkahnie again this year at over $3million.
If you are considering our services or just want to discuss the market, we would be happy to have a confidential consultation.
Neahkahnie is a Seller’s Market
The demand for luxury homes has not waned as low inventory and constant building suggest. The active days on the market are down 4% year over year with the average price still increasing. With few homes on the market, there is not much to choose from and there is demand for exceptional properties. With the average price at an all time high, there is plenty to be positive about if it’s your time to sell. Call us for a no obligation home valuation.
