For the month of October, Gearhart saw a slightly lower sales volume than the previous month with just 2 closed residential (single family detached) sales. We saw 4 new listings and a number of listings expire or otherwise come off the market bringing the overall available inventory slightly down to 73 active listings- Down five from the prior month. October also resulted in 3 new pending sales (SFD) for a current total of 5.
There was one residential lot sale in Gearhart during October and two new pending sales. The single sale was Lot 20 @ The Reserve, and the two pending sales were at split between the Reserve and Highlands. Currently there is 49 residential lots listed for sale in Gearhart and list prices range from $65,000 to $795,000.
The Gearhart condo market has been hit especially hard this year, and including the single condo sale in the month of October that makes just 2 Gearhart condos sold this year. Not only has the Gearhart condo market been slow, but the average days to sell a condo this year is 366.5 days! Not so good. On the upside there’s a relatively low inventory of condo’s for sale in Gearhart at just 8 active listings after 1 sold and 3 expired listings during October. Also, the condo sale did involve financing- and condo financing has been a huge challenge the past year.
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