This has been an incredible year in real estate for the North Oregon Coast. Every year we post a summary of activity pre-spring for your consideration. This year in Manzanita was an intense competition for any home at nearly any price. We will provide the results graphed for clarity below but the sold to list numbers really tell all. For our report purposes, the real estate data for Manzanita is as follows.
Last Year : 2/27/19 - 2/27/20
This Year : 2/27/20 - 2/27/21
Here we go!
The Number of reported Active Listings in Manzanita last year was 87 vs 66 or down -24% this year. New listings were down 12%. Remember there are nearly always carry over from prior years.
In terms of Numbers Sold we saw a decrease from 70 to 56 single family homes. A 20% decrease. However, like Gearhart this year, top brokers in the know have quite a few off market sales. For example, we can add 5 homes in Manzanita alone to that number but we're working with MLS reported figures here.
The Absorption Rate in Manzanita which is the how long the current inventory will last at the current rate of sales is down wildly -68.31% to .45 months from 1.42 months supply in January 2020 which was already ridiculously low. Buyers are on all over anything that pops up in Manzanita.
Prices have increased with the Average Sales Price up from 517K to 546K. An increase of 5%.
The Average List Price was up a whopping 6.56% as well. This means that not only are the number of homes that came to market going fast but sellers took advantage and a few higher quality homes came to market.
The Sold to List Ratio climbed in Manzanita for the year. This is asking vs sold price. The increase is the highest of any community on the north coast at 100% (December at 108%) as last reported by CMLS. This is due to brokers that correctly priced the properties sparking bidding wars by properly reading and working the market.
The Average Days on the Market were also way down from 164 days to essentially 30 days or the time it takes for sellers to negotiate and select the top bid.
Unfortunately for buyers, the number of Active Homes on the Market year over year has also been squeezed to onehome and one a commercial space on Laneda… so we’ll call it One. This has never occurred before, either way you prefer to look at it. Amazing!
It’s a Sellers Market and looks to continue that way for the spring listing season in 2021.
If you are looking for a home in Manzanita, you need quality representation and immediate real time notification of any property that comes to market, which we can provide as an instant alert. Call us and let us assist you. We’re here to make your Home by the Sea a reality.
Ready to list and take advantage of this unprecedented 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 Home + Sea Team, Cascade Sotheby’s International Realty.