West Linn Real Estate Activity - Year to Date
Ron Ares April 19th, 2007
The first quarter of 2007 is now behind us and the peak home buying and selling season beckons. Time to take stock of where the market stands…
The Portland metro market in general is experiencing a slower sales pace than in the last couple years. And West Linn is not immune to the slowdown either, with the number of sales down about 20% and the average time needed to sell up by almost 3 weeks compared to this time last year.
On a 2007 year-to-date basis, West Linn has sold 123 listings, at an average price of nearly $470,000 and 2,470 sq. ft. Following is a breakdown of property types by average sale prices, market time, and size:
WEST LINN MARKET ACTIVITY - JANUARY 1 - MARCH 31, 2007
| PROPERTY TYPE |
QUANTITY SOLD
|
AVG SALE PRICE
|
AVG SQ. FT.
|
AVG $ PER SQ. FT.
|
AVG MARKET TIME*
|
| Condominiums |
19
|
$188,387
|
1,083
|
$173
|
83
|
| Attached Homes |
6
|
$297,498
|
1,789
|
$166
|
54
|
| Manufactured Homes |
1
|
$255,000
|
1,426
|
$179
|
113
|
| Single Family Detached Homes |
97
|
$538,032
|
2,794
|
$192
|
71
|
| SUMMARY |
123
|
$469,987
|
2,470
|
$190
|
72
|
How does it compare with 2006’s first quarter? In 2006, 151 properties (vs. 123 this year) changed hands, averaging only 49 days on the market (vs. this year’s 72 days).
The moral of the story? If you’re a buyer in West Linn, you have more inventory to choose from, and can perhaps afford to be picky about price, condition, or other seller concessions. As a seller, be prepared for a longer listing period, and plan your timing accordingly.
* Market time or Days on Market (DOM) refers to the number of days between the time the listing becomes active in the multiple listing service and the date of when an offer has been accepted by the seller.
Data courtesy of RMLS.
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