Manzanita, Oregon: A Market Undergoing Significant Shifts
The latest real estate data for Manzanita, Oregon, reveals a market experiencing notable shifts across several key indicators. These metrics offer a concise comparison of the current market against the previous month, highlighting a dynamic and evolving trend.
Appreciating Values and Evolving Seller Achievement
The average list price in Manzanita has seen a substantial increase, climbing to $1,155,520 from $1,050,046 last month. This significant rise of approximately 10.0% suggests that sellers are entering the market with higher price expectations, or that a greater proportion of premium properties are now available. For potential buyers, this indicates an appreciating market where properties are becoming more expensive on average.
Even more significantly, the "Average Sold Price" has experienced a considerable jump, reaching $1,185,147 from $979,000 last month. This represents an impressive increase of approximately 21.1% in the average price homes are actually selling for. This strong growth in sold prices, coupled with the rising list prices, is a clear indicator of robust demand and buyer willingness to commit to higher values in the Manzanita market.
However, the "List vs Sold Price" ratio has seen a slight decrease, now standing at 97.00%, down from 100.00% last month. This indicates that sellers are, on average, achieving 97% of their asking price, a slight dip from previously selling at full asking price. This suggests that while prices are rising, buyers might have slightly more negotiation power, or that the market is adjusting to the higher list prices.
Slower Pace of Sales
The "Average Days on Market" (DOM) in Manzanita has increased to 65 days from 35 days last month. This significant rise of approximately 85.7% suggests a considerably slower pace of sales. Homes are taking longer to go under contract compared to the previous month, indicating that while demand remains, properties are not being absorbed as quickly as before. This could be due to increased inventory or buyers taking more time for consideration.
Decreased New Listings and Increased Transaction Volume
In terms of market supply, "New Listings" have decreased to 8 from 13 last month. This drop of approximately 38.5% indicates a tighter supply of new properties entering the market, which could contribute to the upward pressure on prices despite the longer days on market.
Conversely, "Sold Listings" have seen a dramatic jump, with 8 homes sold this month compared to just 1 last month. This remarkable increase of 700% in transaction volume suggests a highly active market with significantly more properties successfully changing hands. This surge in sales, even with fewer new listings, indicates strong underlying demand and a successful absorption of available inventory.
Overall Market Summary for Manzanita:
The Manzanita real estate market is currently undergoing significant shifts. While the average list and sold prices are appreciating substantially, the market is also experiencing a slower pace of sales and a decrease in new listings. The dramatic increase in sold listings, despite fewer new properties, points to robust buyer activity and a strong absorption of available homes. For sellers, the market appears to be favorable for achieving high prices, though patience might be required for a sale. For buyers, the market demands a clear understanding of rising values and a willingness to act decisively, even with homes spending a bit longer on the market. See all the current homes here: Manzanita Homes
