Dear Clients and friends,
This is my review of the Wallowa County Oregon Real Estate market for the year 2012 and how it compares to the previous year. The number of total sales of real property sold within the RMLS (Regional Multiple Listing Service) includes all categories of property - Residential, Commercial, Vacant land and Ranches. There was a total of 93 sales of all types of real property up from 77 in 2011. To 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. The slowdown 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 with a gradual decrease in property values each year. There have been an unusually high number of cash sale buyers in the last few years. It appears that since interest earned is so low they wish to place their funds in a real property investment that they can enjoy.
| 2012 Sales of Residential homes under 1 acre of land: 46 sales total | ||
|---|---|---|
| Average Sold Price | $141,596 | Average of 7% under the asking price |
| Average Asking Price | $152,330 | |
| Average Square Foot | 1718 SF | Average $82.41 per sq. ft. |
| Average Days on Market | 202 | |
Compared to the previous year
| 2011 Sales of Residential homes under 1 acre of land: 43 sales total | ||
|---|---|---|
| Average Sold Price | $141,069 | Average of 8% under the asking price |
| Average Asking Price | $153,354 | |
| Average Square Foot | 1623 SF | Average $86.91 per sq. ft. |
| Average Days on Market | 208 | |
| 2012 Sales of Residential homes on acreage 2-40 acres: 10 sales total | ||
|---|---|---|
| Average Sold Price | $306,420 | Average of 2% under the asking price |
| Average Asking Price | $311,180 | |
| Average Days on Market | 487 | |
Of these 10 sales one was a foreclosure and most of the others were highly motivated sellers pricing to get the attention of a buyer
Compared to the previous year
| 2011 Sales of Residential homes on acreage 2-40 acres: 15 sales total | |
|---|---|
| Average Sold Price | $310,313 |
| Average Asking Price | $348,903 |
| Average Days on Market | 383 |
Of these 15 sales 3 were foreclosures and most of the others were distress motivated sellers by either a death, relocation or other stressor. They were priced to sell quickly.
| 2011 Sales of Vacant acreage 2-40 acres: 4 sales total | |
|---|---|
| Average Sold Price | $113,375 |
| Average Asking Price | $122,575 |
| Average Days on Market | 479 |
Only the bargains sold in 2012: 6.89 acres for $125,000 and 5.11 acres for $140,000
Compared to the previous year
| 2011 Sales of Vacant acreage 2-40 acres: only 2 sales of approximately 4 acres each | |
|---|---|
| Average Sold Price | $100,000 |
Vacant acreage has historically been a segment of our market that has sold well. A property type that has historically been in demand but since 2008 that has not been the case.
2012 was a very active year for me personally. I was involved in 27% of the closed sales in our RMLS. I believe that 2013 will also be a pretty active year due to the interest rates still being at record lows and they are predicting for them to rise about mid-year 2013. This should motivate buyers who are on the fence who believe we are near the bottom on pricing and for loan interest rates.
I wish you a Happy, Healthy and Prosperous 2013. Please contact me if I can be of assistance with Real Estate information for you or someone you know. Referrals are always appreciated, as is your continued loyalty and trust. I encourage your questions or comments.
Sincerely,
Michele Baird
