2007 West Linn Real Estate Results
Ron Ares January 3rd, 2008
West Linn will likely go down as one of the bright spots in Oregon’s real estate market for 2007. With year-over-year appreciation averages decelerating across the metro area, West Linn pulled in some surprising results.
Even though the total number of sales was down 15% from 2006, the average sale price was up 10.3% and the median sale price was up 12.4% over 2006.
If there is an area for concern, on average, it is taking about 37 days longer (106 vs. 69 days) to sell a home in West Linn than it did in 2006.
In 2007, the average single family detached home in West Linn was priced around $581,000 and will run over 2,800 square feet. The average condo was pretty affordable at $201,000 and featured 1,129 sq. ft.
Below is a breakdown of the totals and averages for closed sales by property type.
|
Number Sold
|
Avg. Sq. Ft.
|
Avg. DOM*
|
Avg. Sale Price
|
Change from 2006
|
|
| Single-family Detached |
427
|
2,844
|
111
|
$580,749
|
10.6%
|
| Condominiums |
69
|
1,129
|
71
|
$200,877
|
4.9%
|
| Attached Homes |
22
|
1,770
|
92
|
$310,750
|
-4.9%
|
| ALL HOMES |
518
|
2,570
|
106
|
$518,682
|
10.3%
|
A few other interesting tidbits from the past year:
- 30 homes sold for $1 million or more.
- The most expensive home sold for $2.325 million after 2,102 days on market (5.75 years!).
- The average sale price was within 4% of the original list price.
- Over 300 properties are actively for sale as of the first of 2008–about a 10-month supply at December’s sale pace.
- In 2007, West Linn real estate accounted for $268.7 million in volume.
Source: RMLS. Results are tabulated between January 1 and December 31, 2007.
*DOM stands for days on market, or the cumulative number of days from when the listing became active and when it received an acceptable offer. This statistic may exhibit reporting inconsistencies and should be used to analyze trends only.
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