Single Family Median Sales Price for Gearhart 2002-2009
In my last post I stated that 2009 wasn’t what I expected for the Gearhart, Oregon real estate market, and as the year comes to a close I still feel the same way. All though the number of units sold was up compared to 2008, the market didn’t feel much better overall in my opinion. There’s still about 2 weeks left in the year, and currently there’s two pending sales that will likely close before the year is out. With that in mind, here’s a few interesting things I found comparing this year (through today) with last year:
Gearhart Single Family Res. Properties 2009 YTD 2008
- Units Sold 33 27
- High Sale $1,750,000 $1,800,000
- Low Sale $155,000 $207,000
- Number Sold Under $500,000 26 15
Gearhart Residential Land/Lots 2009 YTD 2008
- Units Sold 5 18
- High Sale $360,000 $885,000
- Low Sale $80,000 $110,000
For your viewing pleasure I also added the chart showing median sales prices for Gearhart from 2002-present. The chart isn’t exact but does show the peak in late 2006 or early 2007 that resulted in a backup of inventory and the beginning of property value decline. The most interesting part of the graph to me was the relation between median sales prices from this year compared to 2005. My gut feeling has been that Gearhart has fallen back to about 2005 property values, but that was just a hunch without any specific research. We’re not quite there yet, and it’s hard to predict if we’ll get there. However, something to keep in mind going forward is we could get there which means a little further decline in values. On a side note I think it’s interesting that we did see a little activity in Pinehurst and The Rese
