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July 21st, 2014 Clackamas County Real Estate Update

Sandy, OR 97055 Real Estate Update

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Sandy, Oregon homes on acreage for sale including horse properties are coming on the market much faster than such homes are being purchased. Across the board, residential properties in Sandy, OR are remaining on the market an average of about 150 days, which is looking to go down dramatically. The just over 120 properties in Sandy are averaging a list price of about $340,000. We are looking to see a slight rise in inventory, but with the days on the market still decreasing, sellers may take the advantage in terms of supply/demand balance over the buyers. The market is looking good, making it a good time to purchase property.

Housing Characteristics Per Quartile

Inventory of available real estate in the top and bottom pricing quartile are rising dramatically more than the middle two quartiles. Purchased homes in the middle two pricing categories seem roughly in line with purchases and include newer homes built on the cusp of the Great Recession. Builders who have been sitting on inventory of homes that failed to sell as the market dropped in 2008 are now able to sell off some of their assets in order to free up revenue for new ventures. Homes in the lowest pricing quartile seem the most imbalanced in that their were two properties purchased while there were 8 new listings which may mean that entry-level housing may see price reductions. Similarly, top tier properties saw 4 new listings while only one sold this week which again may indicate negative pricing pressure in that range. Not surprisingly, the fact that starter houses and the most expensive houses are the slowest selling categories may be an illustration of what is happening in the job market. Low average household income across America and low working class incomes in particular may be taking their toll on would-be buyers. Even though we have seen prices stay consistent at a high point, we could see pricing become a little competitive in the near future with the increase of inventory. If we see these trends continue, sellers will continue to have the advantage over buyers.

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Molalla, OR 97038 Real Estate Market

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During the third week in July, Molalla properties were sitting at an average list price of about $320,000. It should be noted that homes on acreage near Molalla, Oregon push that average price up considerably. These properties average about 150 days on the market. With the inventory of properties decreasing and demand rising, sellers see an advantage over buyers. With the current trends, the market is looking to be very positive and will continue to be in weeks to come. The spring thaw in terms of real estate prices in this area have pushed buyers off the fence, eager to buy now before prices increase further which is good news for sellers who may have been unable to sell previously due to depressed property values. As is usual for rural communities, homes on acreage including horse properties and agriculture are highly desirable in comparison to single family homes in neighborhood developments. However, the high cost of buying acreage combined with the limited incomes of would-be buyers may put pressure on sellers to compete in terms of price.

Characteristics Per Quartile: Acreage & Neighborhood Properties

Currently Molalla homes and properties are all sitting at their higher points in all quartiles. This has somewhat negatively influenced the top quartile homes, causing them to remain on the market quite a bit longer than other quartiles. Factors such as household income and the economy may be holding would-be buyers back on purchasing these high-end horse properties. These properties in the top pricing tiers are certainly sought-after, however additional factors such as financing may also be holding qualified buyers back as well. With these trends in mind, top quartile prices could see a significant decrease, which could influence the lower quartile homes as well. This is something to keep an eye on in the next couple months.
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Damascus, OR 97089 Housing Report

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As of July 14th, 2014 there are just over 50 properties listed for sale in Damascus. The average price for a home in this area sits at about $505,000. Damascus properties have been seeing an upward trend in prices over the past few weeks along with a decrease in properties listed, which has made an advantage for sellers that will remain for the foreseeable future. Newer housing developments within Damascus, Oregon often feature smaller lots whereas older construction often sits on oversize lots, junior acres or even sprawling acreage estates. The ‘close-in’ proximity of Damascus compared to other rural areas makes the area especially enticing for working professionals who need to commute to business districts in Clackamas, Happy Valley or Portland. For others, a home in one of the newer subdivisions provides a closer proximity to recreational outdoor activities on the Clackamas River or the nearby Mt Hood National Forest. With trends remaining pretty consistent, the market looks pretty positive.

Characteristics Per Quartile: Single Family Residences

Damascus homes are seeing prices at their absolute highest this week. Even with the high prices and high demand, buyers could see increased competition amongst sellers in the upper second and lower third pricing quartiles. This increased seller competition may be caused by the fact that more of these upper second and lower third pricing tier properties have come on the market than have been purchased. As is common in rural and suburban areas, the higher priced homes offer correspondingly larger lot size with top tier homes featuring 2.5-5.0 acre lots on average. The bottom/lowest quartile properties have seen the highest number of absorbed properties this week. The fact that much of the buying has occurred in the lowest pricing tier reflects the wider economy and stagnant household income. Keep an eye on whether buyers or sellers have the advantage (and in what pricing tier) to gain possible insight into if and when prices will take a shift downward.

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Boring, OR 97009 Rural Property Information

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Boring, OR properties are seeing an average price per square foot of about $170. There are only about 30 properties listed at this time. These properties are remaining on the market on average about 200 days. Boring, as well as other rural areas, is sitting at a sellers’ advantage at the moment, however slow sales could change that in the coming weeks. Buyers will likely see prices rise consistently and inversely proportional with the downward trend in supply.

Residential Property Characteristics Per Quartile

Quartile prices are heading to their peak in the next couple weeks, although sales remain slow. We could see and upward shift of days on the market as we see quartile prices reach their peaks followed by an increase in days on market. Predictably, price changes will most likely begin to trend downward if current trends translate into an increase of days on the market. With those changes, the market could easily flip to a buyers’ advantage over sellers. The Boring, Oregon real estate market remains in a state of flux so keep a close eye on supply versus demand in weeks to come to see what turn the market will take. Unlike some other markets in rural Clackamas county, Boring, Oregon has residential homes on acreage lots available in every price quartile meaning that qualified buyers have options for close-in country living in this area.

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May 14th, 2014 Clackamas County Real Estate Report

This Week: Real Estate In Sandy, Oregon 97055

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For the week beginning on May 5th, Sandy, OR is seeing residential real estate inventory of almost 160 properties drop steadily. Along with the decrease in properties for sale, the average days on the market is dropping, but more drastically. With these current trends, along with other factors, the market is considered by many to be at a buyers advantage, however, tightening supply may change shift the advantage to sellers as competition amongst buyers heats up. In summary, if properties on the market and days on the market continue to decrease, then we could see a flip to a sellers advantage.

Characteristics Per Quartile: Sandy, OR Housing Trends

Currently homes/properties in Sandy are being sold faster than they are coming onto the market. The upper-second quartile homes are selling notably faster than fresh MLS listings are coming onto the market to replace those sold. Top quartile homes are seeing the lowest days on the market despite being the most expensive. Acreage properties with features such as riding arenas, large work shops and barns typify these sought-after top tier properties. While nothing in life is certain, a continued lack of available homes for sale may begin to shift prices upward in Sandy, Oregon.

This Week: Residential Properties in Damascus, Oregon 97089

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During the first week of May, Damascus, OR has about 70 properties listed for sale on the MLS. The average days on the market for Damascus properties is almost 120 days and may be dropping as the summer market heats up. With the strong decrease in days on the market comes a large increase in inventory. The fact that inventory of homes for sale in Damascus, Oregon is up favors the buyer, although days on market decreasing shows welcome market activity that should encourage sellers as well.

Housing Data: Characteristics Per Quartile:

Unlike many other areas in Clackamas County, Damascus, OR has most of it’s activity (homes sold/homes coming on the market) in the upper quartile. Strong sales of these high end homes may reflect the stratified nature of recent gains in the economy. Even though more homes sold in the top quartile, the bottom quartile shows the least days on the market which indicates that buyers are still eager for affordable homes. Overall, conditions appear somewhat positive in terms of outlook.

Real Estate, Acreage & Homes in Molalla, OR 97038

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Molalla, OR is seeing a strong decline in the average days on the market, which is currently about 160 days. There are about 100 properties for sale in Molalla, but indicators show a possible increase of available homes up for sale. With this increase in inventory, seller could feel some pressure to lower their prices. With these trends, buyers have an advantage over sellers and that should be the trend for the foreseeable future.

Housing Market Characteristics Per Quartile:

Currently homes in the $200,000 to $300,000 range are seeing more activity than the other listings in this area. These are the homes in the middle two quartiles. The top and bottom quartiles are taking about twice as long to sell. This is a common trend for many areas around Clackamas County and indicates that homes on acreage, while valuable, may be out of reach financially for many buyers.

May 14th, 2014 Report on Homes For Sale in Estacada, Oregon 97023

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Homes/Properties in Estacada, OR are seeing an average list price of about $410,000. Inventory in this area are looking to have a major increase, therefore buyers will have a greater selection of homes to choose from. Average days on the market is taking a huge drop, so the time to buy is now! With the larger selection of homes and the demand of homes in Estacada, the market is at a buyers advantage.

Characteristics Per Quartile:

Even though more properties are popping up in the top two quartiles, more homes are being sold in the bottom two quartiles. The bottom quartile homes are flying off the market faster than new homes are coming up for sale. Affordable homes are selling reasonably quickly whereas larger, more expensive homes on acreage are taking longer to move. With these trends, sellers of acreage properties in Estacada, OR may be willing to negotiate with well-qualified buyers.

Boring, OR 97009 Housing Update

Boring, OR is sitting at just about 50 homes/properties for sale, but that will soon increase. All quartiles are sitting with just about the same number of properties for sale, which provides a decent selection in all price ranges. Currently the market strongly favors buyers. Sellers are feeling pressure to lower prices even though the average days on the market is going to see a strong downward trend.

Beavercreek, OR 97004 Real Estate Update

Overall, Beavercreek, OR properties are seeing higher list prices than other areas in Clackamas County. With the lower number of properties listed and number of properties being sold, buyers are looking to lose the advantage over sellers and could see an upward movement in pricing. Beavercreek homes for sale are sitting at an average price of about $410,000, but with current trends as they are, this could rise in the next few months to come.

Eagle Creek, OR 97022 Property Update

Eagle Creek, OR, out of all the areas in Clackamas County, sits with the lowest number of properties for sale. With just above 20 listings in the area, the average days on the market sits at just about 200 days. Inventory is looking to rise, but pricing looks to stay pretty stable. With the tight trends in Eagle Creek, buyers are looking to lose the advantage over sellers.

Best regards,
By Richard Lockwood
Real Estate Broker
Follow Me on Google+

Disclaimer:
*This article is opinion and does not constitute any prediction of future profits/losses, investment advice or legal advice whatsoever. I am not an attorney, I am not a tax professional and I am not an accountant. I am a real estate broker licensed in the state of Oregon.

Damascus, OR Market Report 02-26-2014

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Damascus, OR 97089 Housing Market Update

As of February 24th, 2014, residential properties in Damascus have remained unchanged since last week. The average list price is sitting at about $410,000. Damascus homes are generally on the market for about 140 days. With everything staying steady in Damascus, the market continues to be at a buyer’s advantage. This will remain until we see changes in this area.
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About The Area

Clackamas County is situated more or less in the Willamette Valley of Oregon has a population of roughly 380,000 and a rather solid economic base that includes agriculture, outdoor recreation and commerce. Vast areas of land have made the region popular among seeking seeking the opportunity to farm, ranch or just be away from the demands of city life. Continue reading

11-17-2013 Clackamas County Real Estate Update

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. Continue reading

Damascus Market Update August 12th 2013

Damascus, OR 97089

During the week of August 11th the average list price is $380,000 in this area. The
average asking price per square foot is $153 per square foot and climbing, as well
as the average days on the market. With inventory going down, sellers at this time
have the advantage in the market over buyers.
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Characteristics Per Quartile
With eleven homes going on the market and five homes absorbed (sold), activity in
this area is doing well. The general average of days on the market is low, so
shopping for a home in this area is competitive.
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Inventory of Properties Listed for Sale
With the decrease in overall listings in this area, buying now can offer you some
investment opportunities. With the demand going up in Damascus, great deals are
being made quickly and homes are flying off the market.
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