Has My Home Value Decreased?

If you’ve had your eye on an online property valuation tool for your home, you may have seen a slight decrease in the past 30-60 days. This, combined wIth all the headlines predicting what the increased interest rates might do to real estate, one might think that their home value is destined for plummet. While I don’t have the gift of prophesy, the data and action that I’m seeing here on the ground points toward that not being the case.

The average sale price has increased 5.9% from $541,100 (Year To Date for December 2021) to $573,100 (Year to Date in December 2022), while median sale price has increased 9.9% from $455,000 (Year to Date, December 2021) to $499,900 (Year to Date, December 2022). Of course prices fluctuate seasonally, as do the number of sales by month here on the coast. So yes, your home has likely decreased slightly over the last 30-60 days, but overall in the past two years we have seen steady appreciation.

With the increase of interest rates, what has decreased is the number of transactions year over year. The interesting part of this is that we still do not have an oversupply of homes on the market. Of the 141 single family homes on the market in Clatsop County, there are 71 active listings and 70 pending listings (Source: Clatsop MLS), which means that half of the single family homes for sale in Clatsop County are sale pending.

Here is an interesting article from Keeping Current Matters that may provide further assurance for you:

If you are a Clatsop County resident and are interested in finding out what your home is currently valued at, please don't hesitate to email me at [email protected]. I would be happy to assist you with this.