As of 6/1/2014 homes sales in Wallowa County are improving slightly over the same time period in 2013. We tend to be gradual in all of our changes which can be a good thing in the long run. Slow climbs up but also, slow drops in a downward trend give people time to react.
The following are the statistics for home sales in the city limits. The number of sales are up even though the average price is lower than the previous year. So far in 2014 the average days on the market is 456 days on sold properties. The average sold price is $158,253 and there have been 30 homes in town sold since the first of the year.
In 2013 during the same time frame of Jan 1 to June 1 there were 26 homes sold at an average price of $187,533
Homes on small acreages from 2 acres to 60 acres in 2014 – 11 properties have closed sale at an average sales price of $313,382
In 2013 - 2-60 acre homes – there were 6 sold in the same time frame at an average price of $344,833 again we are selling more in numbers but at a lower value.
Vacant land sales since Jan of 2014 – we have had 14 sales at an average price of $159,571. 6 of these sales were for city lots or rural small acreages for under $35,000 – motivated sellers.
In 2013 there were 9 sales in the same time frame for an average price of $110,509
The values of real estate in Wallowa County will start to come up slowly as our inventory goes down. It is still a buyer’s market and most buyers want to get the lowest price they can, taking advantage of the buyer’s market. There are still some sellers who have been on the market a very long while and some are still willing to negotiate down lower to obtain a buyer. There are few buyers in the marketplace and some sellers are aggressively competing for those buyers. At this time there are 368 active listings in our RMLS system. The average days on the market are 1025 days which seems like so many days to me. Since the market downturn in late 2007/2008 there have been few sales in certain types of property including vacant lots and acreage and homes on acreage and homes and lots at Wallowa Lake. In 2013 we started to see improvement in sales for homes at Wallowa Lake and a few more homes on small acreage sold –so there is some improvement although it is occurring slowly.