West Linn Real Estate Market Results – December 29, 2008 – January 4, 2009
Ron Ares January 5th, 2009
Crazy weather and the holiday season certainly slowed the real estate market in West Linn over the past three weeks to close what was already a lackluster year. Only a few pending sales and a couple closings appear on the list for last week. The new listings can be viewed here (PDF).
For the month of December, 16 homes sold in West Linn at an average price of $456,146 and $170 per square foot. By comparison, December 2007 showed a result of 30 homes sold at an average of $550,150 (or $213 per sq. ft.).
Twelve homes went sale pending for the month and will join the other 28 already pending sales on track to close in 2009.
We’ll be looking at the West Linn real estate market in review for 2008 later in the week as final statistics are being compiled.
NEWLY LISTED
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DATE LISTED
|
| 6126 IRVING ST |
$259,997
|
3
|
2
|
1,327
|
DETACHD |
12/30/2008
|
| 1036 EPPERLY WAY |
$359,900
|
3
|
2.1
|
1,842
|
DETACHD |
1/3/2009
|
| 3492 CHAPARREL LOOP |
$499,900
|
3
|
3.1
|
3,000
|
ATTACHD |
1/4/2009
|
| 3838 FAIRHAVEN DR |
$625,000
|
5
|
3.1
|
3,883
|
DETACHD |
1/1/2009
|
| 3303 RIDGE LN |
$749,000
|
3
|
2
|
2,948
|
DETACHD |
1/2/2009
|
PENDING SALES
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 1928 HILLHOUSE DR |
$289,900
|
4
|
2
|
1,740
|
DETACHD |
14
|
| 5230 CROWN ST |
$330,000
|
4
|
2.1
|
2,088
|
DETACHD |
603
|
| 805 NICOLE CT |
$515,000
|
3
|
2.1
|
2,837
|
DETACHD |
10
|
SOLD
| ADDRESS | ORIGINAL PRICE | SOLD PRICE |
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 5230 CROWN ST |
$459,000
|
$330,000
|
4
|
2.1
|
2,088
|
DETACHD |
603
|
| 805 NICOLE CT |
$545,000
|
$515,000
|
3
|
2.1
|
2,837
|
DETACHD |
10
|
Criteria: Homes in the 97068 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS ). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer.
Related posts:
The data suggests that WL took a 20% hit on pricing in 2008. I think Portland in general was late to the bubble deflation, where homes were still selling on the high side up until summer 2008 while the rest of the country started their slide in late 2006. I’m wondering if there are more price declines ahead in 2009 for the WL area. Home owners who are selling are now competing with bank-owned properties that are desperate to get these homes off their books. Check out RealtyTrac and type in “97068″ and you’ll see about 160 properties listed in various states of foreclosure. Unfortunately, I believe the foreclosure rate will continue to increase unless some banks are willing to modify loan terms and/or there is some government intervention. The bottom line is that home prices will most likely continue their declines in the WL area until foreclosure inventory is absorbed back into the market. In addition, buyers with the ability to get a mortgage (i.e. good credit score) and put 20% down remain scarce, in my opinion, hence sellers will need to pull out all the stops to attract whatever buyers are in the market to purchase a home. And the biggest incentive will be price. Gimmicks are not going to cut it (free flat-panel tv, car, vacations, etc.) so don’t bother. It’s all about price.
One question for Ron or Jody – why does the “805 Nicole” home appear in both the “Pending” and “Sold” categories. I’m assuming that either it is a typo or a very quick sale ?