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

Get the 2012 Real Estate Review in PDF Here

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