Nehalem home sales prices soared again this year. The number of homes on the market was down 25% from last year with only 21 coming to market and sales were down 12% from the prior year with 21 homes sold. A low inventory situation. The list price to sales price ratio was up this year to 101% in Nehalem. Competitive bidding was incredible. Days on the market were lower yet again, 27% lower, to an average of 60 days from listing to close. Our market in Nehalem is under immense pressure. See the graph below:
Record Gains
In Nehalem for the 2021 season we saw a reduced number of homes come to market on the back of a record low inventory during 2020. With that, prices spiked for a record increase in sold property values. Up 29% from last year. Last year’s numbers (which were a record as well) pale in comparison. Nehalem has been discovered as a great place to raise a family.
The market average increase for North Coast communities in 2020 was 20%. We thought that was wild. In the last year the average sales price up and down our coast increased another 28%. Manzanita saw an increase of 55% and Neahkahnie was up 50%. The price increases are unprecedented. The MLS reporting of the numbers was simply incredible this year.
See the graph below:
Seller’s Market
It’s a seller’s market. Demand is high. Prices are at an absolute record high. If you would like more detailed statistics, our Nehalem and Rural Nehalem pages have detailed rolling sales data. Average Days on Market, Price per sq ft, Sales figures are some of the data. Have a look a the current listings from all MLS feeds too. Call us if you want to speak in detail about home sales.
Corey
