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About Coast river business journal. (Astoria, OR) 2006-current | View Entire Issue (Oct. 9, 2019)
COAST RIVER BUSINESS JOURNAL OctOBER 2019 • 9 BUSINESS NEWS Pacific County home sales up 11.5%, prices up 18.7% coast River Business Journal LONG BEACH — Pacific County saw a seasonally adjusted 11.5% gain in home sales and a 18.7% increase in median sales price in the spring of 2019, according a just-released analysis by the authoritative Washington Center for Real Estate Research at the University of Washington. These strong local results came during a quarter of the year when the hot real estate elsewhere in the state had somewhat cooled. Statewide home sales declined 6% com- pared to a year earlier, while the median sales price increased 10%. Although the center’s deep dive into real estate numbers takes several weeks to com- pile after the end of each three-month period, it is the most thorough available look at this crucial set of assets. Despite robust gains, Pacific County remains the second most-affordable hous- ing market in Western Washington and 10th most affordable statewide. The median sell- ing price of a Pacific County house was $216,700 this spring, with only Grays Har- bor being less on the west side at $211,400. The median price statewide was $410,600. Pacific County’s median home price has more than doubled since 2012, when it was $102,300. (Median means half the sales were for more and half for less.) Housing affordability continues to erode in both the state and county. That index — where 100 means a middle-income family can just qualify for a median-priced home, A townhouse project is filling a city block on Long Beach’s south beach approach. given a 20 percent down payment and a 30-year fixed mortgage rate at prevailing rates — was 98.4 statewide, down from 109.5 two years earlier. This suggests that, given the same down payment and mort- gage, a middle-income family could afford a home selling just below the statewide median price. Second-quarter affordability in Pacific County was based on these assumptions: A median home price of $216,700, mortgage rate of 4.07%, household income of $46,926, Slight price moderation in Clatsop, houses selling faster ASTORIA — Multiple Listing Service data through August shows about a 6.8% drop in the average selling price of Clatsop County houses compared to the first eight months of 2018. However, the median price — the mid- point at which half of houses sold for more and half for less — was up about 2.6% through this August compared to 2018, reflecting a slight shift overall toward sales of more expensive homes. The average selling price as of August was $389,175, while the median price was $345,000. Hopeful sellers have been list- ing their homes at just over $500,000, up almost 4% compared to the same period a year earlier. Clatsop County homes have been sell- ing at a brisker pace this year, with listings spending an average of 120 days on the mar- ket, down from 134 though August of 2018 — a change of about 10.5% fewer days. The multi-list data showed no active list- ing below $100,000 as of this August. Only 18 houses were listed below $200,000. The largest price category in the county was $500,000-plus, with 150 active listings in August. In the year to date through August, there were eight sales below $100,000 — 38.5% fewer than in 2018 — and 44 between $100,000 and $200,000 — 26.7% fewer. There were 137 sales between $200,000 and $300,000, down 16.5% from the same months in 2018. There were 161 home sales between $300,000 and $400,000, about a 9% increase from a year earlier. The 83 sales in the $400,000 to $500,000 was unchanged from 2018. In the $500,000-plus range, there was a 14.2% decline. monthly payment of $834 for experienced homeowners and $822 for first-time buyers. In Pacific County, this index was 118, meaning at least in theory that a typical middle-income family could afford to buy a house 18 percent more than the median home-selling price in the county. The lon- ger-term trend for this index shows the county is becoming less affordable. The index was 127.3 one year earlier and 142 two years earlier. Statewide in Washington, the first-time buyer index decreased to 69.9. This index assumes a less expensive home, lower down payment and lower income. This means that a household earning 70 percent of the median household income — as may be true of first-time buyers — had only 70 percent of the income required to purchase a typical starter home statewide. In Pacific County, the first-time buyer index was 83.8 this spring, compared to 90.5 a year earlier and 100.8 two years earlier. As of June 30, 7.8% of Pacific County homes were priced under $80,000, com- pared to 1% statewide; 23.8% were priced under $160,000, compared to 4.6% state- wide; 51% were under $250,000, compared to 12.6% statewide; and 87.4% were under $500,000, compared to 52% statewide. Get to The Point. Expert Service. Guaranteed. ... Life Happens y We’re Here! That’s Wh Trust your vehicle safety to the professionals at DEL’S O.K. TIRE Our friendly and dedicated Physicians and Physician Assistants are available for all of your routine healthcare needs, not just for emergency situations! If you have an on the job injury, suffered injuries in a car accident, or you are suffering from a headache, toothache, earache, backache, any illness or injury, are in need of a refill of your prescription medications, or even a sports physical or DOT physical, our dedicated staff is here to assist you! 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