This is my annual review of the Real Estate market for Wallowa County, Oregon. In this report I reviewed this past year of 2016 and show how it compares to a couple of previous years. The total number of sales of real property sold within the RMLS (Regional Multiple Listing Service) including all categories of property - Residential, Commercial, Vacant land and Ranches was a total of 169 sales for 2016, which is up from 154 in 2015. The average days on the market (DOM) for all property sold was 378. This does show gradual improvement which has been our trend since about 2010. It is interesting to note the wide range in sales for 2016 - the lowest priced sales were under $10,000 for vacant land that is for recreational purposes only – up to a home on 20 acres priced at $1,200,000.
Some history: Compare these statistics with the year 2006 which was prior to the market downturn in Wallowa County- we had a total of 230 total sales of all types of real property compared to the 169 for 2016. The slow down trend started in late 2007 but was truly felt in our market place in 2008. We have had a gradual increase in the number of sales each year since 2010. Things in Wallowa County typically change very slowly – and our market has reflected that.
Homes inside of a town, on a lot under 1 acre: In 2016 homes located inside of a town was a brisk segment of our market. Currently our inventory is quite low and due to the lower inventory, the values have gone up and are now about equal to where they were in 2005/2006 when the market was strong prior to the downturn. At this moment there are only 20 homes for sale inside of the city limits ranging in price from $77,500 to $389,000.
2016 Sales of Residential homes under 1 acre of land- 27
DOM (Days on Market)- 230- average sold price $156,538
2015 Sales of Residential homes under 1 acre of land- 30
DOM - 211- average sold price $140,912
2014 sales of Residential homes under 1 acre of land- 24
DOM - 264- average sold price $143,000
Homes on 1 to 42 acres: Owners of property in this category have experienced some frustration as this segment of the market has been slow since 2008. It has been slowly improving each year in the number of sales and at this moment there are 19 properties for sale from $115,000 for a fixer upper on a few acres to $1,150,000 for a lake view home.
2016 Sales of Residential homes on acreage 1-40 acres 29
DOM 360 – Average sold price $345,823
2015 Sales of Residential homes on acreage 1-40 acres 34
DOM 376- Average sold price $278,279
2014 Sales of Residential homes on acreage 1-40 acres 36
DOM 310-average sold price $268,823
Vacant Acreages 2- 40 acres: It takes confidence in the economy for most buyers to purchase a vacant small acreage for either immediate building or to hold with the prospect of building in the future. This segment of our market has been very slow since 2008.
2016 Sales of Vacant Acreage 2-40 acres 13
DOM 424 – Average price $125,615
2015 Sales of Vacant Acreage 2-40 acres 9
4 sales over 30 acres and 5 sales under 30 acres
DOM - 429
2014 Sales of Vacant Acreage 2-40 acres 14
8 acre average in size for an average price of $130,893
In 2016 there were 13 unimproved ranch properties sold between 160 acres and 1324 acres with and average sales price of $278,392.
Vacant Lots under 1 acre: Vacant land for home building inside of the city limits is still a very slow segment of the market in our county.
2016 Sales of Vacant Lots in town under 1 acre 5
Average DOM 293
Average sold price $58,300
There was 1 lake front lot on Wallowa Lake that sold for $209,000 in 2016
2015 Sales of Vacant lots in town under 1 acre 15
Average Days on the Market 567 with an average sold price of $38,817
2014 Sales of Vacant Lots in Town under 1 acre 3
Average Days on Market 312 with an average sold price of $37,000
2016 had 7 sales for commercial property, buildings and business opportunities. DOM 535 with an average price of $234,286.
2015 Commercial Sales for property, buildings and business opportunity-3 sales
The average price is high as a hotel sold for $1,150,000 raising the average sold price to $465,000
2014 Commercial Sales for property, buildings and business opportunity
7 sales with an average sold price of $157,143
2017 What’s to come? – So far, 2017 was the busiest January that I can recall. If that is an indicator, our year this year should be strong. Many things are changing in our domestic politics and if consumer confidence stays strong as it has been so far, real estate should reflect that. Interest rates were predicted to go up last year but they did not have a significant increase. It is again predicted for 2017 that the interest rates will go up. If the increase is gradual we should not have a negative market response.
Thank you for helping my 2016 real estate year to finish strong. Referrals from past clients and friends are how I build my business and they are greatly appreciated! I wish you a Happy, Healthy and Prosperous 2017. Please contact me if I can be of assistance with Real Estate information for you or someone you know.