ASTORIA — Clatsop County residential real estate has remained hot this summer. It was still a strong seller’s market in July, even as available inventory ticked up to its highest level in two years and the number of pending sales dropped.
The average home price countywide in July was $662,700, 19.2% more than in July 2021, according to data from RMLS, the Portland-based multiple listing service.
Higher interest rates — about 5.5% for 30-year fixed-rate mortgage — contributed to an 18% slowdown in pending sales in July and an increase in the available inventory to 2.7 months, the biggest supply since June 2020 when the inventory had dropped to three months near the start of the pandemic.
An inventory of four months or less signals a strong seller’s market, while the bargaining position of buyers and sellers isn’t considered equal until there is a six-month supply.
There were 83 pending sales — mutually agreed offers and acceptances — countywide this July, down 17.8% from a year earlier. Astoria had the greatest number of pending sales in July — 22, a 29% decrease compared to July 2021. Twenty sales closed in Astoria this July. Warrenton/Hammond was the county’s second-largest home market this July, with 17 closed and 15 pending sales, the latter being 36% more than a year earlier. West Gearhart was third most active housing market in the county this July, with nine closed and 14 pending sales, about a 17% increase.
Prices widely vary between the different communities, with Astoria having an average July selling price of $497,600, about 23% more than the year before. Warrenton/Hammond’s average was $538,800, about a 14% increase. The average in west Gearhart was $915,800, 26% more than the previous July. As usual, Cannon Beach/Tolevana Park recorded the highest average selling price for the month, $1,052,700 or 21.4% more than the prior July.