Inventory continues to decline in Astoria, translating to increased demand (in theory). We’re beginning to see recovery from the flat month of January that followed the December hurricane. Inventory did increase slightly in the first quarter, but sold properties in March was double the number sold in January.
Another encouraging market statistic is the number of pending properties. As of today, there is 528 active residential properties in the Clatsop MLS. 66 are sale pending or under contract = Pending rate of 12.5%. Looking only in Astoria, Oregon (97103 zip) we have 133 active homes for sale, and 21 are sale pending. That’s a pending rate of 15.7%, much better than the overall county average.
The market appears to be improving slightly, but I suspect it will only remain stable over the next 2 quarters.
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