As of 8/29/2013 homes sales in Wallowa County are quite soft. The following are the statistics for home sales in the city limits.
So far in 2013 the average days on the market is 290 days on sold properties.
- The average list price is $168,180
- The average sold price is $157,581
The difference between the average list and sold price is about 6%. This shows sellers that they need to be priced close to the price that the market will bear on their home. Overpricing could be a fatal flaw as savvy buyers are looking for the motivated and realistic sellers.
The market changed dramatically in April of 2013. The market started out strong in 2013 and when interest rates rapidly increased to over 5% our local market slowed in response. Even though interest rates have come back down a little and at the time of this report they are at about 4.5% - it is still a sluggish market.
Sales for the summer months April through August are about 40% down from the same time period in 2012. Prices of sold homes are also down from an average sold price in 2012 of $172,399 to an average sold price in 2013 $157,581. The average sold price is about 9% lower than in 2012. That does not mean that values have gone down by 9% in 2013- but the price point of homes that have been selling are 9% lower than in 2012.
Understandably, sellers are frustrated and looking for answers. Price is everything but there also does need to be active buyers in the market place. Each seller should study their own circumstances and evaluate their individual motivation levels. Their property should be appropriately priced for the market place with their motivation level in mind.
There are areas outside of Wallowa County that enjoyed an increase in values in 2013. Some areas reported 10%-18% increase since the first of 2013. Many of those same marketplaces have had a recent dramatic decrease in activity and are just starting to see prices go down in response to the recent slow- down.
We live in interesting times. I enjoy real estate as it is ever changing on many levels. Challenges are there but I enjoy trying to help the buyers and sellers that I work with decipher the available information so they can make an informed decision. Please contact me if you would like to review the marketing of your listing with me.