Dear Clients and friends,
This is my annual review of the Real Estate market for Wallowa County Oregon. I reviewed this past year of 2013 and show how it compares to the previous years. The number of total sales of real property sold within the RMLS (Regional Multiple Listing Service) including all categories of property - Residential, Commercial, Vacant land and Ranches. There was a total of 109 sales of all types of real property which is up from 93 in 2012 . The average days on the market for all property sold was 434.
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 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, with a gradual decrease in property values each year until 2013. It is my opinion that we have hit stabilization and that prices are currently flat.
|2013 Sales of Residential homes under 1 acre of land-||52 sales|
|Average Days on Market 307-aveage sold price $141,694|
|2012 Sales of Residential homes under 1 acre of land –||46 sales|
|2011 Sales of Residential homes under 1 acre of land –||43 sales|
|2013 Sales of Residential homes on acreage 1-40 acres||18 sales|
|Average Days on Market 512 – average sold price $368,542|
|2012 Sales of Residential homes on acreage 2-40 acres –||10 sales|
|2011 Sales of Residential Homes on acreage 2-40 acres –||15 sales|
|2013 sales of Vacant acreage 2-40 acres|
|5 under 12 acres average sold price $192,660|
|6 over 100 acres average sold price $290,355 average price per acre $816 ac. (Over 160 acres)|
|2012 sales of Vacant acreage 2 – 40 acres||4 sales|
|2011 sales Vacant acreage 2- 40 acres -||only 2 sales of approximately 4 acres each.|
2013 was an interesting year for our real estate market. The first quarter started out very strong with investors buying lake front homes and higher end residences getting some activity where they hadn’t for a long while. Interest rates went up a huge jump in the late spring. Going from 3.5% to almost 5% in a short window of time caused (I believe) a slow- down in buyer interest and confidence. Rates did adjust back down again resting at about 4.5% and once buyers became accustom to the new normal, activity picked up. The fall quarter finished out strong.
It is difficult to say what 2014 will bring. Other locations that we trend after have been experiencing increasing values. We are usually behind the trend by about 1 year or so and if we pattern history, our values should start to come back up again sometime this year. It does depend on buyer activity- as our inventory is still high for the number of buyers, which is still few. Until inventory gets reduced and more buyers are active, the laws of supply and demand will not affect our values.
This is good news for buyers. It is still a buyer’s market and interest rates are still reasonable at around 4.5% at the time I wrote this. The loan process can be a bit to endure but home ownership is the goal of many and historically part of one’s financial future and planning.
I wish you a Happy, Healthy and Prosperous 2014. 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.
Wallowa Mountain Properties