For those interested in buying or selling a home or land in the McKenzie River Valley, here's what has happened from February 2007 to February 2008. Some clear messages emerge. According to RMLS data, $26M of residential inventory sold in the valley in that one year period against a listed inventory of $102M, at an average sales price of $422K, against an average list price of $496K. Average days on market was at 36 in February of 2007, 100+ from March through July, and is back down to 68 in February 2008, for an average of 91 days. Of 207 residences listed, 63 sold, and 144 remain on the market.
A total of 9 parcels of land sold against 52 listed at an average selling price of $205K, against an average listing price of $443K. Average days on market for the year was 113, now standing at 89. 43 parcels remain on the market.
The messages: It is clearly a buyers' market, and significant opportunities exist for buyers who are not afraid to jump in. For sellers: aggressive pricing is absolutely critical to move properties, whether residential or land. That's not what sellers want to hear, but if you really want to serve sellers with integrity, and move properties, that's what they need to know. Agents who "buy" listings will see them stagnate on the market.
The good news - the market is improving! In October, November and December 2007, total units sold exceeded July, August, September total units for both residences and land. Winter in the McKenzie Valley typically just shuts down real estate - especially this winter with record snow levels. In January 2008 that was true, but not October through December. Average days on the market for listings is currently coming down.
The upper McKenzie River valley is being rapidly transformed into a higher end recreational area, with new riverfront condos, the new Log Cabin Inn construction in progress, lodge and business facelifts, and new businesses emerging. It's a great time to invest in the future!
For more McKenzie Valley information, please check out our mckenziehomesandland website.
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Hi John and Susan,
I see this is your first post on Active Rain. Congratulations!! I just wanted to welcome you to a fantastic Real Estate Industry Network! Welcome aboard, I hope you'll continue to Blog, and invite others.
I’ve added a link to a post called, “NEW MEMBERS – Start Here” that will hopefully get you up and running with the least amount of effort, and also help you to navigate around Active Rain more efficiently.
I hope you'll find this to be a useful post in helping you get started.
Again, welcome to Active Rain, the best place to start, and have a Blogging experience!Good Luck to you and your business! B-)