Nehalem, Oregon: A Shifting Market with Increased Activity
The latest real estate data for Nehalem, Oregon, indicates a market undergoing some notable shifts, characterized by increased activity in new listings and sales, alongside evolving pricing dynamics. These metrics offer a concise comparison of the current market against the previous month, revealing a nuanced trend.
Shifting Values and Strong Seller Achievement
The average list price in Nehalem has seen a significant increase, climbing to $857,926 from $771,990 last month. This substantial rise of approximately 11.1% suggests that sellers are entering the market with higher price expectations, or that a greater proportion of higher-value properties are now listed. For potential buyers, this indicates an appreciating market where properties are becoming more expensive on average.
The "List vs Sold Price" ratio has also seen a positive shift, now standing at 100.00%, up from 98.00% last month. This is a strong indicator that homes in Nehalem are, on average, selling for their full asking price. This suggests a competitive environment where buyers are willing to meet seller expectations, reinforcing the impression of a confident seller's market.
However, the "Average Sold Price" has experienced a notable decrease, falling to $565,000 from $695,000 last month. This represents a decline of approximately 18.7% in the average price homes are actually selling for. This divergence between rising list prices and a falling average sold price could suggest a few possibilities: either the composition of sold homes this month includes more lower-priced properties, or there's increased negotiation resulting in sales below the initial higher list prices. Despite the average sold price dip, the 100% list vs. sold price ratio implies that for the homes that are selling, sellers are achieving their asking price.
Slower Pace of Sales
The "Average Days on Market" (DOM) in Nehalem has increased to 130 days from 111 days last month. This rise of approximately 17.1% suggests a slightly slower pace of sales. Homes are taking longer to go under contract compared to the previous month, indicating that while there's activity, buyers might be taking more time to make decisions, or the increased inventory is allowing for less urgent action.
Increased Inventory and Transaction Volume
In terms of market supply, "New Listings" have increased to 11 from 9 last month. This rise of approximately 22.2% indicates a healthier flow of new properties entering the market, providing more options for buyers.
"Sold Listings" have also seen a positive jump, with 8 homes sold this month compared to 5 last month. This increase of 60% in transaction volume suggests a more active market with more properties successfully changing hands. This rise in sales, despite the longer days on market, indicates that demand is present and properties are being absorbed.
Overall Market Summary for Nehalem:
The Nehalem real estate market is currently in a shifting phase with increased activity in both new listings and sold homes. While the average list price has risen significantly and homes are selling at their asking price, the average sold price has decreased, suggesting a shift in the types of homes being sold or increased negotiation on higher-priced properties. The longer days on market indicate a slightly less urgent buying environment than previously, but the overall increase in transaction volume points to a market that is actively moving. For sellers, pricing strategically to meet the market's current absorption rate is key, while buyers have more inventory to choose from, though prices are generally higher. View all the latest Nehalem listings here: Nehalem Homes
