Building is brisk, yet inventory still hovers near historic lows in our area. The mortgage rate is the highest we have seen in ages, yet the average days on market are nearly flat, year over year, averaging 62 days. Buyers are still calling daily and our off market sales set another a new record. There is a lot going on. More on the state of the market below.
Other news... For years now we have been the Home + Sea Team. We are now a boutique brokerage, Home + Sea Realty! Beach community properties are all we do. This is exciting. What is more exciting is that all our local co-workers have joined us, which is frankly an honor. Please welcome Leisha Mizee-Riggert and Erin Laskey to Home + Sea Realty.
Leisha is not only a Principal Broker at Home + Sea but has also recently been promoted to Lieutenant at Nehalem Bay Fire & Rescue as a dedicated volunteer. We are so excited to have her on board and very proud of her achievement at the station which is an incredible commitment. Her professionalism, attention to detail and loyalty are great assets to her clients.
Many of you know Erin as a busy real estate broker and local mother of three. As you enjoy the 4th of July parade this year, be sure to thank Erin when you see her. She works very hard not only as a licensed professional and mother but Erin is also the organizing force behind the 4th of July parade this year. Another huge task. We love the parade! Thank you Erin.
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
As I write this there are only seven homes available in Nehalem, Bayside Gardens and the Nehalem Valley combined. Not a large inventory but up 27% for total listings this year compared to last year.
Home prices have held and the days on the market for homes that sold are up 5%. DOM for all listings however were up 20% in Nehalem. This should not be the case with such low inventory, as we know there is demand, but there are other factors. We will likely see this increase again next year as current sellers come to terms with their initial strategy.
Properties that did sell got a bit over asking just as they did at the market height. That is good work by the owners and their representatives considering more sold homes are being financed at higher rates than they were in previous years.
The sales price to original list price ratio held at 101% for properly represented properties which we all like to see. There is still pent up demand for rural properties but the buyers are savvy. Quality representation is the key to success in this market.
Price Drop
This is something we have not seen in quite a while. 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 Nehalem are seeing a drop. We lost 9% year over year but we still have demand. How is this?
Our backlog of buyers tell us we need more inventory. Will we see a gradual loss or will the average price of homes sold remain flat? The talking heads tell us rural property values are in decline however the days on market tell us that properly priced homes are still moving in a few months when well marketed and priced. If you are in the market to sell, proper planning will be critical at this point to achieve success.
Buyers’ or Sellers’ Market?
The demand for homes has not waned as the low inventory and constant building suggest. The active days on the market are nearly flat. Few homes are available. With the average price still very near an all time high, there is plenty to be positive about if it’s your time to sell. The buyers have become careful. Call us for a free home valuation or just to chat about local goings on. Marketing, representation and strategy will play a vital role in a successful sale once again
