Cannon Beach, OR 97110
Tuesday July 11 2023
This week the median list price for Cannon Beach, OR 97110 is $1,525,000 with the market action index hovering around 29. This is an increase over last month's market action index of 27. Inventory has increased to 16.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
The market shows signs of warming up, with sales demand recently increasing faster than inventory. Prices have not yet responded as the market is still working through some stale inventory. It’s unlikely that we’ll see prices level off or move higher until the MAI sustains its upward trend and maybe not until the inventory is depleted enough to create a Seller’s market.
Median List Price
Again this week in in Cannon Beach we see a downward notch for prices. Pricing has been weaker in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
Price Per Square Foot
The market's downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.
Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is keeping up with available supply.
Median Days on Market (DOM)
The properties have been on the market for an average of 162 days. Half of the listings have come newly on the market in the past 54 or so days. Watch the 90-day DOM trend for signals of a changing market.
View current Cannon Beach, Oregon MLS listings here.