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February 2014 Mt Hood Real Estate Closed Home Sales

Here are the February 2014  Mt Hood Real Estate closed home sales for the Villages of Mt Hood area from Alder Creek to Government Camp, Oregon including the communities of Rhododendron, Welches and Brightwood.

Feb2014HomeClosings

  • Three of the closings were on Waterfront sites in the Mt Hood area, two on private land.
  • There were NO Short Sales and NO Bank Owned home closing!
  • Also, there were three Forest Service Cabin on a Forest Service Special Use Permit
  • Plus there were three Government Camp proper home/cabin closings

Upward Market Trend Line for Mt Hood Real Estate Continues

If you characterize the Mt Hood real estate market of 2012 as crawling out of the big hole, then all indicators for 2013 is the upward trend in the Villages of Mt Hood continues. That is indeed welcome news.
I took a look again at 3 parameters: Sales Volume, Median Sale Price and the Number of Closed Sales. So now, what other insights can be drawn from these simple graphs on market trends when it comes to buying or selling “on the Mountain”?

03-13VolumeTrend_3

When it comes to volume, the Mt Hood real estate market is back to where sales volume was 10 years ago.

03-13MedSalePrTrend_3

2013 Median Sales Price is approaching 2005 and 2009 levels. In 2005 Sales Volume had peaked and in 2009 the real estate market on the mountain was still in “free-fall” and the median sale price had not yet bottomed out. That didn’t happen until 2011 when volume and medium sale price both tanked.

03-13#SalesYr_2

It is pretty clear how flat the market was with respect to the number of sales from 2009 to 2011 which also coin sides with the march downward in the median sale price and annual sales volume.

So, what is the big takeaway for a buyer trying to make a good decision when it comes to making a purchase? Sitting on the fence appears to be costing you money if the upward market trend line continues and expands throughout more price points.

2013 Market Snapshot for Mt Hood Real Estate

2013VolumebyQuarter

In 2013 there were 158 Closed home sales in the Villages of Mt Hood from Alder Creek on the west to Government Camp to the east and also including the towns of Welches, Brightwood and Rhododendron, Oregon.  2013 closed sales were up from the 140 closed transactions in 2012 or a 13% increase in the number of sales for 2013 . Volume is a more impressive increase for 2013. Total Residential Sales volume for the year was up by approximately 28% over 2012.

Here are some additional Mt Hood Real Estate Market factoids:

  • The Median Sale price rose in 2013 to $201,750.  It was up from $172,000 for the 2012 Median Sale Price for Homes, Cabins and Condos.
  • The total number of Distressed Sales, either a Bank Owned or Short Sale transaction,  in the Villages of Mt Hood fell in 2013 to 14% of the total Number of closed sales or 9% of the total volume.  In 2012,  25% of the transactions were “Distressed” sales.  I predict these distressed sales will continue to dribble into the marketplace creating what is being called a “New Normal”. The new category of Judicial Forecloses for the state of Oregon may impact the marketplace.  Time will tell.
  • Forest Service cabins accounted to approximately 16% of the market in 2013. This is not much of a change from 2012.  The Median Sale price was  $115,000 in 2013 and in 2012 it was $148,500 . This was a 23% DROP in 2013, the only niche Mt Hood Market in 2013 to have experienced a decline. The reason for this decline was a large number of sales at the lower price points due to necessary infrastructure improvements ie. septic system installation that the buyers completed.
  • Waterfront properties account for a significant number of transactions each year in the Villages of Mt Hood. In 2013, 37% of the transactions were on streams, creeks, rivers or lakes.
  • There was an Increase in Government Camp condo volume in 2013 over 2012 by a walloping 101% .  Fewer distressed sales and increase in the High End Luxury condos sales account for the percentage increase.

Happy House Hunting in 2014!