Cannon Beach, Oregon: A Market with Mixed Signals and High Activity
The latest real estate data for Cannon Beach, Oregon, presents a market with mixed signals, showing a decrease in average list prices and days on market, alongside a significant drop in average sold prices, despite increased new listings and consistent sales volume.
Adjusting Values and Consistent Seller Achievement
The average list price in Cannon Beach has seen a decrease, falling to $1,326,522 from $1,490,106 last month. This decline of approximately 11.0% suggests that sellers are adjusting their price expectations, or that a higher proportion of lower-priced properties are now entering the market. For potential buyers, this could indicate a slight softening in initial asking prices.
The "List vs Sold Price" ratio remains strong at 99.00%, unchanged from last month. This indicates that sellers are consistently achieving very close to their asking price, suggesting that for the properties that do sell, buyer willingness to meet the list price remains high.
However, the "Average Sold Price" has experienced a substantial decrease, falling to $532,100 from $919,000 last month. This represents a significant decline of approximately 42.1% in the average price homes are actually selling for. This sharp drop, despite the high list-to-sold ratio, suggests a dramatic shift in the composition of homes sold, likely indicating that more lower-priced properties have closed recently, or that there's a significant difference between the average list price and the actual sale prices of properties moving.
Fasterer Pace of Sales
The "Average Days on Market" (DOM) in Cannon Beach has decreased to 89 days from 119 days last month. This reduction of approximately 25.2% suggests a faster pace of sales. Homes are taking less time to go under contract compared to the previous month, indicating increased buyer urgency and a quicker absorption of available inventory.
Increased New Listings and Consistent Transaction Volume
In terms of market supply, "New Listings" have increased to 8 from 6 last month. This rise of approximately 33.3% indicates a healthier flow of new properties entering the market, providing more options for buyers.
"Sold Listings" have remained relatively consistent, with 12 homes sold this month compared to 13 last month. This minor dip of approximately 7.7% in transaction volume is relatively insignificant and suggests a stable level of completed sales, indicating continued buyer demand despite the fluctuating pricing metrics.
Overall Market Summary for Cannon Beach:
The Cannon Beach real estate market is currently presenting a complex picture with mixed signals. While the average list price has decreased and the average sold price has seen a significant drop, homes are selling faster and for very close to their asking price. The increase in new listings and consistent sold volume suggest an active market. For sellers, strategic pricing is crucial given the downward pressure on average prices. For buyers, the market offers more new inventory and a quicker pace of sales, but the wide discrepancy between average list and sold prices warrants careful attention to individual property valuations. See current Cannon Beach listings here: CANNON BEACH HOMES
