The real estate market for Clackamas County, Oregon seems to be in a holding pattern for the last week. Sandy, OR has stayed neutral whereas areas like Boring and Beavercreek have seen somewhat positive signals. Overall, unsold inventory seems to be dropping while many areas are seeing median list prices hold steady and values appear to be improving in Damascus. As usual, properties in rural Clackamas County see much of their value in the land and improvements. Higher end homes throughout the county feature things like acreage, pastures, equestrian facilities including stables and riding arenas all with a comfortable, spacious home to relax in after an exhilarating day of country living. For buyers, the good news is that Molalla is showing an increase in available country homes while the asking price per square foot is becoming more enticing.
Median list price for the 97055 zip code is holding the line at $240,000 while inventory is dropping. Higher end properties featuring 5-10 acres are holding a median of $399,750 in contrast to upper second and lower third quartiles at $262,750 and $229,925 respectively. Upper second and lower third quartile homes have the small lots typical of suburban developments popular in the 2000′s prior to the real estate market crash of 2008.
Damascus, Oregon Housing Report
Median asking for this area has been improving (currently at $379,950), which bodes well for sellers and the overall health of the market. The average time on market for Damascus residential listings is increasing however available inventory is dropping and this reductions in supply may well balance out this increase in the time needed to complete a sale. When the 7 day and 90 day rolling average are considered; buyers and Realtors alike are feeling more than a little bullish on this area.
Eagle Creek, Oregon Homes & Acreage Report
With homes on acreage starting in the $187,000 range it’s no surprise that Eagle Creek, Oregon is popular with families with an equestrian lifestyle. Also, for more well-heeled buyers there’s sprawling acreage properties featuring over 20 acres and more modern construction. Industry insiders remain cautiously optimistic and comfort themselves with the stable median list price of $389,000. The rest of the numbers seem to cancel each other out in that supply is dropping although days on market is also increasing. This increasing list time may also be an indicator that certain quartiles within the property quartiles may need to come down a bit on price. As it stands, the lower three quartiles in Eagle Creek are seeing some movement while the high end properties are remaining unsold at the moment.
While the median list price for Molalla (zip code 97038) is holding at $228,500 residential properties on acreage are in the top market quartile and have a median of $537,500. With 20+ acres, 2500 square feet in addition to things like pastures, riding arenas not to mention creeks and ponds these higher-end farms and ranches are also highly sought after. While there are outliers with acreage in the lower priced sectors in general the lower priced homes still offer strong value but give up the rolling acreage in exchange for neighborhood lots and a much more attainable price point. Acreage, equestrian properties and sprawling ranches account for the sharp increase the upper price bracket while more affordable homes seem to be in a holding pattern. And, while there are no strong trends in any direction the increased number of available residential homes could cause prices to settle down the road.
For this week the Boring, OR housing market seems to be improving with days on market decreasing and prices stable at $379,000. Average lot sizes in the area range from 0.5 – 5 acres depending on the price bracket. Of all of the communities within Clackamas County the housing market in Boring, OR may just be the most…. non-exciting. And, for sellers looking to get a fair price and buyers wanting to get a stable investment the lack of excitement in the Boring housing market may be a good thing. One look at the quartile price graph clearly illustrates the point. For those looking for a few acres to have a horse in Boring, OR offers many benefits including being close-in to town.