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

Original Article Here: 2009 Was A Mixed Bag For Gearhart Real Estate

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.

Original Article Here: Gearhart Oregon Real Estate Update | October 2009

10/22/2009- Gearhart, Oregon Real Estate Market Stats:

• Gearhart Homes for Sale: 72  (-2)
• Gearhart Res. Lots & Land for Sale: 50  (-4)
• Gearhart Condo/Townhouse for Sale: 12

• Pending Gearhart Homes: 5  (-1)
• Pending Gearhart Lots & Land: 7  (+2)
• Pending Gearhart Condo/Townhouse: 1

• Gearhart Sold Properties for the 09/12/09- 10/15/09: 5  (-1)

For comparison purposes, differences indicated by (*) are compared to about a month ago.

10/22/2009- Seaside, Oregon Real Estate Market Stats:

• Seaside Homes for Sale: 124  (-8)
• Seaside Res. Lots & Land for Sale: 81  (-6)
• Seaside Condo/Townhouse for Sale: 67 (-4)

• Pending Seaside Homes: 25 (+4)
• Seaside Seaside Lots & Land: 4  (+2)
• Pending Seaside Condo/Townhouse: 2  (-2)
  

• Seaside Sold Properties for the week 09/12/09- 10/15/09: 10  (-7)

For comparison purposes, differences indicated by (*) are compared to about a month ago.

source: Clatsop MLS. Data deemed reliable but not guaranteed accurate.

I love charts and data so lets look at the market trends in Gearhart and Seaside compared to Clatsop County as a whole:

The blue line on the chart represents the active inventory, and the red represents the pending inventory. The common theme in both Gearhart & Seaside and the county as a whole is declining inventory. This is due to both an increased sales rate and listings come off the market unsold. That trend is certainly positive for the market, as the simple ‘supply and demand’ applies to our real estate market. The less inventory, the greater demand for the remaining homes available. This doesn’t directly translate to increased prices however. Until we see a slow down in REO inventory and increased lending volume the upward pressure on pricing won’t materialize. The pending inventory is an indicator of future market trends in some ways, a heavily increasing pending rate would indicate the market is flattening out for example. We’re not seeing a increases in pending inventory across the board, but overall the number remains stable and is increasing in certain areas in the county. Seaside is a pleasant surprise in all this, the chart is a perfect indicator of what we’d like to see everywhere. When those lines get closer and closer to each other, supply is decreasing and demand is increasing leading toward a balanced market. We’re still a long ways from that, but heading in the right direction currently.

Original Article Here: Gearhart Market Update 10/22/2009

9/18/2009- Gearhart, Oregon Real Estate Market Stats:

• Gearhart Homes for Sale: 74  (-1)
• Gearhart Res. Lots & Land for Sale: 54  (-1)
• Gearhart Condo/Townhouse for Sale: 12
• Gearhart Bank Foreclosure/REO’s: 0

• Pending Gearhart Homes: 6  (-1)
• Pending Gearhart Lots & Land: 5
• Pending Gearhart Condo/Townhouse: 1

• Gearhart Sold Properties for the week 09/06/09- 9/11/09: 0

9/18/2009- Seaside, Oregon Real Estate Market Stats:

• Seaside Homes for Sale: 132  (-2)
• Seaside Res. Lots & Land for Sale: 87  (+3)
• Seaside Condo/Townhouse for Sale: 71 (+1)
• Seaside Bank Foreclosure/REO’s: 3

• Pending Seaside Homes: 21 (+1)
• Seaside Seaside Lots & Land: 2
• Pending Seaside Condo/Townhouse: 3 
  

• Seaside Sold Properties for the week 09/06/09- 9/11/09: 2

source: Clatsop MLS. Data deemed reliable but not guaranteed accurate.

A pretty quiet week in real estate here on the coast, at least the pending sales are keeping pace with the amount of active listings and overall inventory is slowly trending down.  Some interesting market stats for YTD sales in Seaside & Gearhart, including all property types:

• Gearhart YTD Sales 2009: 30
• Gearhart YTD Sales 2008: 37

• Seaside YTD Sales 2009: 68
• Seaside YTD Sales 2008: 74

Original Article Here: Real Estate Market Stats for 9/18/2009

9/11/2009- Gearhart, Oregon Real Estate Market Stats:

• Gearhart Homes for Sale: 75  (-1)
• Gearhart Res. Lots & Land for Sale: 55  (-3)
• Gearhart Condo/Townhouse for Sale: 12 (+1)
• Gearhart Bank Foreclosure/REO’s: 0

• Pending Gearhart Homes: 7  (+1)
• Pending Gearhart Lots & Land: 5  (+1)
• Pending Gearhart Condo/Townhouse: 1

• Gearhart Sold Properties for the weeks 8/22/09- 9/05/09: 1

9/11/2009- Seaside, Oregon Real Estate Market Stats:

• Seaside Homes for Sale: 134  (+1)
• Seaside Res. Lots & Land for Sale: 85  (-3)
• Seaside Condo/Townhouse for Sale: 70 (+4)
• Seaside Bank Foreclosure/REO’s: 3  (+1)

• Pending Seaside Homes: 20 
  
• Seaside Seaside Lots & Land: 2  (+1)
• Pending Seaside Condo/Townhouse: 3 
  

• Seaside Sold Properties for the weeks 8/22/09- 9/11/09: 5

source: Clatsop MLS. Data deemed reliable but not guaranteed accurate.

Inventory in both Seaside and Gearhart remains fairly stable, however I would like to see the rate of sales increasing in both areas- But Gearhart especially. A lone closed sale over a 2 week period doesn’t help things much and equates to over a decade of supply in terms of the rate of sale.
Property Transaction Report September 5, 2009

Original Article Here: Real Estate Market Stats for 9/11/2009

• Gearhart Homes for Sale: 76  (+2)
• Gearhart Res. Lots & Land for Sale: 58  (+1)
• Gearhart Condo/Townhouse for Sale: 11
• Gearhart Bank Foreclosure/REO’s: 1

• Pending Gearhart Homes: 6  (+2)
• Pending Gearhart Lots & Land: 4
• Pending Gearhart Condo/Townhouse: 1

• Gearhart Sold Properties for the week 8/15/09- 8/21/09: 3

8/21/2009- Seaside, Oregon Real Estate Market Stats:

• Seaside Homes for Sale: 133  (-4)
• Seaside Res. Lots & Land for Sale: 88
• Seaside Condo/Townhouse for Sale: 66 (-2)
• Seaside Bank Foreclosure/REO’s: 2

• Pending Seaside Homes: 20  (+4)
• Seaside Seaside Lots & Land: 1  (-1)
• Pending Seaside Condo/Townhouse: 3  (+2)

• Seaside Sold Properties for the week 8/8/09- 8/14/09: 1

source: Clatsop MLS. Data deemed reliable but not guaranteed accurate.

Original Article Here: Real Estate Market Stats for 8/28/2009

• Gearhart Homes for Sale: 74  (-3)
• Gearhart Res. Lots & Land for Sale: 57  (-1)
• Gearhart Condo/Townhouse for Sale: 11 (-1)
• Gearhart Bank Foreclosure/REO’s: 1

• Pending Gearhart Homes: 4  (-2)
• Pending Gearhart Lots & Land: 4
• Pending Gearhart Condo/Townhouse: 1  (+1)

• Gearhart Sold Properties for the week 8/8/09- 8/14/09: 1  (+1)

8/21/2009- Seaside, Oregon Real Estate Market Stats:

• Seaside Homes for Sale: 137
• Seaside Res. Lots & Land for Sale: 88  (-2)
• Seaside Condo/Townhouse for Sale: 68
• Seaside Bank Foreclosure/REO’s: 2

• Pending Seaside Homes: 16  (+1)
• Seaside Seaside Lots & Land: 2  (+1)
• Pending Seaside Condo/Townhouse: 1

• Seaside Sold Properties for the week 8/8/09- 8/14/09: 1  (-3)

source: Clatsop MLS. Data deemed reliable but not guaranteed accurate.
Property Transaction Report August 09

Original Article Here: Real Estate Market Stats for 8/21/2009

Because these stats are tallied in real time, and because they are input into the MLS by imperfect humans like myself,  I cannot guarantee their accuracy for any more than you pay for them.

8/14/2009- Gearhart, Oregon Real Estate Market Stats:

• Active SFR Listings: 77
• Active Res. Land Listings: 58
• Active Condo/Townhouse Listings: 12
• Active Bank Foreclosure/REO’s: 1

• Pending SFR Listings: 6
• Pending Res. Land Listings: 4
• Pending Condo/Townhouse Listings: 0

• Gearhart property transactions for the week 8/1/09- 8/7/09: 0

8/14/2009- Seaside, Oregon Real Estate Market Stats:

• Active SFR Listings: 137
• Active Res. Land Listings: 90
• Active Condo/Townhouse Listings: 68
• Active Bank Foreclosure/REO’s: 2

• Pending SFR Listings: 15
• Pending Res. Land Listings: 1
• Pending Condo/Townhouse Listings: 1

• Seaside property transactions for the week 8/1/09- 8/7/09: 4

source: Clatsop MLS. Data deemed reliable but not guaranteed accurate.

Property Transaction Report 7Aug2009

Original Article Here: Real Estate Market Stats: 8/14/2009

Closed SFR properties in Gearhart during July 2009:

• 416 1st St. in Gearhart- closed  for $373,250 on 7/2/2009
• 523 Nita St. in Gearhart- closed for $480,000 on 7/15/2009
• 703 C St. in Gearhart- closed for $339,200 on 7/30/2009
• 763 F St. in Gearhart- closed for $333,000 on 7/31/2009

Closed Residential Land in Gearhart during July 2009:

• Lot 22 Pinehurst Rd. in Gearhart- closed for $360,000 on 7/7/2009

Other Transactions of note during the month of July in Gearhart & Seaside, Oregon:

• 1121 S. Edgewood in Seaside- closed for $130,000 on 7/7/2009
• Lot 27 Middle Fork Cir. (Thompson Falls)- closed for $74,750 on 7/27/2009
• 2472 Neawanna St. in Seaside- closed for $345,000 on 7/31/2009
• 495 N. Wahanna in Seaside- closed for $172,000 on 7/30/2009

Original Article Here: Gearhart Real Estate Market Update: July 2009

Market Conditions for New Construction SFR: Warrenton, Hammond, Gearhart (East of 101)

Active Listings (New SFR) YTD

$200-249,999

# Active Listings: 10

Avg. List Price: $231,300

Avg. List Price / Sq-Ft: $162.09

$250-299,999

# Active Listings: 12

Avg. List Price: $285,225

Avg. List Price / Sq-Ft: $163.78

Sold Listings (New SFR) YTD

$200-249,999

# Sold Listings: 10

Avg. Sales Price: $226,860

Avg. Sales Price / Sq-Ft: $159.00

Months of Inventory: 6

$250-299,999

# Sold Listings: 2

Avg. Sales Price: $282,675

Avg. Sales Price / Sq-Ft: $142.97

Months of Inventory: 36

source: Clatsop MLS. Information deemed reliable but not guaranteed accurate.

Original Article Here: New Home Inventory for Gearhart, Warrenton & Hammond, Oregon