The NAR reports that sales nationwide of second homes fell more than 30% in 2007, while condos slipped less than 3%. Condos also made up a larger share of vaction homes last year, up 8 points to 29%. While sales of condos were steady, prices weren’t. Many areas saw a declines above and beyond the 10% decrease in median sold prices. If you own a condo on the North Oregon Coast in Seaside, Gearhart, Cannon Beach or Astoria this isn’t exactly great news, but it presents great opportunities for Buyers looking to enter our market. Condos make a great second home as the maintaince required is minimal when compared to a single family home, and a condo unit normally costs less to boot. The condo market has exploded in Clatsop County in recent years, with many new units nearing completion and even more in the planning stages giving buyer options to a beach cottage requiring extensive attention from its absentee owners.
A quick survey of the Clatsop MLS reports condos in abundant supply of active listings on the North Coast-
- Astoria: 17
- Cannon Beach: 5
- Gearhart: 9
- Seaside: 102
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