As I reported in March, the housing market in Astoria continues to move in a positive direction.
Following 5 years of a painfully slow real estate market the combination of rising consumer confidence, low interest rates and limited inventory seems to be fueling a recovery.
Quickly assessing the numbers for the city of Astoria, Oregon through May of this year shows slow but deliberate growth and signs of continued recovery. The year to date numbers through 5/25 show closed sales of single family homes increased 12.5% (units) while sold volume rose over 26.7% to $13.55 million compared to the same period a year ago.
The average price of a single family home sold YTD also increased from $191,010 to $215,144, a 12.6% increase compared to the same period last year.
Also notable is the 35.2% decline in homes that didn't sell (listings that either expired or where cancelled) according to CMLS listing data. I'm not quite sure how to interpret this but it's apparent across all price ranges that interest is strong.
It will be interesting to see if the trend continues into the summer season but so far things look good for the 2nd and 3rd quarter. I think we will have a better idea by early July, once the 2nd quarter data is available. Typically the second quarter has been the highest in terms of sold volume for the past several years in the Astoria area.
Nearby Warrenton & Hammond See Similar Trend
The nearby communities of Warrenton and Hammond are also seeing similar trends this year. For the CMLS areas** of "Warrenton" and "Hammond" closed sales of single family homes increased 15.4% YTD, while the average price of a sold home increased 36.8% to $168,791 from $123,356 a year ago.
** For the purposes of comparison I selected only portions of Warrenton & Hammond excluding Surf Pines, Sunset Lake, Smith Lake and Cullaby Lake. The sales in those areas tends to skew the data when included.
Source: Clatsop MLS as of May 25, 2013. Information deemed reliable but not guaranteed accurate.