Damascus, Oregon - Real Estate Market Update

By
Managing Real Estate Broker with Alta Realty Company, LLC RB 21961

Damascus originally developed on the Foster-Barlow Road, which was an extension of the Oregon Trail. Before the Foster-Barlow Road was built, the wagon trains had gone from Eagle Creek south of the Clackamas River directly to Oregon City making it the most prosperous city in the area. The Foster-Barlow Road created an easier route to Portland. After it was built, most of the wagon trains went to Portland, which had a better port and soon surpassed Oregon City as the dominant city in the area.

Damascus was brought into the Urban Growth Boundary in 2002 and incorporated as a city in 2004. The City is currently working to complete its comprehensive plan.

Damascus currently retains its rural atmosphere with a majority of properties having large sites to spread your wings and relax. Yet, you are within an easy commute to downtown Portland with all of its urban charm!

As of 4/16/10 there are 82 detached single family Damascus residences listed for sale in the RMLS ranging in asking price from $180,000 to an incredible $7,875,000 with the majority of listings in the $250,000 to 750,000 price range. 5 of the homes currently listed are shown as "bank owned". 18 of the homes currently listed are shown as "short sales. This translates to approximately 28% of the current listings in Damascus being "distressed properties".

As per the RMLS there were 99 detached residential properties sold in Damascus in the last 12 months with an average sales price of $323,591.

The average sales price in March of 2009 was $349,187 and in March of 2010 it was $296,792 this reflects a decrease of approximately 15% in the average sales price.

At 5% interest rates and a definite buyer's market mentality it is a great time to negotiate a deal of a lifetime on your "Dream Home". Give me a call today for personal attention and a "get it done" attitude!

Best Regards,

Donn Rasch
Real Estate Broker, CDPE
State Licensed Appraiser
RE/MAX Equity Group, Inc.
503-658-5000
http://equitygroup.com/drasch

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