West Linn Real Estate Activity - 1st Quarter 2008
Ron Ares April 10th, 2008
The first quarter of 2008 is now behind us and we stand on the precipice of the peak home buying and selling season. Has the West Linn market been immune to the general real estate slowdown in the greater Portland metro area?
The anecdotal evidence, as Jody and I have compiled weekly sales results, would suggest not. And year-to-date review of sales data confirms the theory.
Over the first quarter of 2008, West Linn has sold 76 condo, attached, and single-family homes (down 38% from Q1 2007), at an average price of nearly $503,989, up 7% from last year.
Following is a breakdown of property types by average sale prices, market time, and size:
WEST LINN MARKET ACTIVITY - JANUARY 1 - MARCH 31, 2008
| PROPERTY TYPE |
QUANTITY SOLD
|
AVG SALE PRICE
|
AVG SQ. FT.
|
SALE PRICE VS. ORIG. LIST PRICE
|
AVG MARKET TIME*
|
| Condominiums |
8
|
$217,150
|
1,182
|
96%
|
89
|
| Attached Homes |
4
|
$310,000
|
1,786
|
98%
|
17
|
| Single Family Detached Homes |
64
|
$551,968
|
2,786
|
93%
|
93
|
| SUMMARY |
76
|
$503,989
|
2,565
|
94%
|
88
|
Conclusions?
Are prices rising (+7%)? With a smaller sample than 2007, the single-family detached home results carry more weight than condos and attached homes. Single family home prices are up 2.5% over Q1 2007, but 14 of those homes sold were new construction priced between $600,000 and $1.06 million.
Another interesting finding: Final sale prices on single family homes are just 93% of the original list price. Want to shorten your time-on-market? Pick an attractive price from the outset. Jody and I can help you with specific neighborhood pricing analysis if you’re thinking about buying or selling in the coming months.
* 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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