Every year we post a summary of activity pre-spring for your consideration. Gearhart Oregon market numbers were just unprecedented this year. This year in Gearhart, like Cannon Beach and Manzanita, the pressure was at an all time high. We will provide the results graphed for clarity below but needless to say it was and remains a Sellers Market.
Gearhart is under intense buyer pressure and the Sold to List Prices are in many cases over 100%. Here are the high points.
The Absorption Rate in Gearhart is at a record low. The Absorption Rateis the how long the current inventory will last at the current rate of sales and is down -86.85% to .58 months inventory from 4.41 months supply in January 2020. Buyers are putting pressure on Gearhart like it has never seen before.
The Average List Price was down -.22 percent. Luxury homes simply did not come to market as family and extended family fled urban areas. Others with smaller and mid priced homes took advantage and got top dollar with multiple bids on nearly every property sold.
The Sold to List Ratio climbed all year long and has and has averaged over 100% now for months hovering between 100% and 102%. Not what the Gearhart market is used to.
The Average Days on Market plummeted from 170 to 52 days or -69.41%. Market pressure increased steadily all year long to the present date.
Unfortunately for buyers, the number of active homes on the market year over year has also been squeezed down -86.2% from this time last year. Not much to shop for in Gearhart. Most interesting to note was that the Del Ray area was on fire with a 57% increase on the number of homes sold in that area and huge 23% increase in sales price of homes sold.
If you are looking for a home in Gearhart, you need quality representation and immediate real time notification of any property that comes to market, which we can provide as an alert. Call us and let us assist you. We’re here to make your Home by the Sea a reality. Call us for at an appointment at our Gearhart Office.
Ready to list and take advantage of this strong sellers market? Call us. We’re the top North Coast team. Even though it’s a sellers market, we provide full service interior, exterior and aerial video and photography as well as top online placement and distribution to market your home. We’re here to help you realize your maximum financial potential. We’re the top North Coast listing team. Home + Sea Team, Cascade Sotheby’s International Realty.