Sellers Are Having a House Party
Hello from the North Oregon Coast,
We have just had a gorgeous week of blue skies and clear starry nights – I hope you too have blue skies above. I’m Kate Merrell a broker with the Windermere Cannon Beach office and I work the markets from Cannon Beach to Manzanita.
2021 is going to be another scorcher of a year for our real estate markets – makes sense as forecasters are now predicting 6% GDP for 2021 and the real estate markets are along for the ride. Nationwide real estate prices increased 11% from Jan 2020 to Jan 2021 – this the fastest pace in 15 years. Here locally in Clatsop Co. we improved upon that slightly with a 11.9% increase and if we break that down further Cannon Beach turned in 14% and Arch Cape/Falcon Cove Beach numbers are 35% but ‘hold the phone’ on that one – that market is so thinly traded that a few sales can move the needle wildly.
Being a Seller in this market is like being the popular girl at the prom, you are widely admired and many would like to pick up your dance card. I don’t see this ending anytime soon as low interest rates, fiscal stimulus, and households with spare cash sloshing around drive the demand. The supply side – inventory – was really, really tight in 2020 and expect it to loosen up a bit in 2021 as the astonishing prices properties are selling for is realized by owners more might jump into the market to take advantage of it.
I will be watching buyer behavior closely to see if there ends up being less pressure on the ‘close in’ areas. As more people are vaccinated they become confident enough to consider a get-away which is a plane ride away instead of the recent car ride away.
If I can be of assistance please don’t hesitate to reach out to me. I am always happy to do a no-cost, no-obligation market analysis on your property so you can know what it’s current value is.
Cheers, Kate
