Friends and Clients,
Attached you will find raw data for an analysis of the luxury property market in Yamhill County. Some are lists in order to compare aspects of the properties; some are more detailed formats. We are glad to send you direct links to particular properties or do a market analysis on your property; just ask.
There have been 5 residential SOLDS over $1million in Yamhill County during the past 12 months
- All 5 of these are under $1.5m; The highest price is $1,411,500
- There is a 6th additional sale which should be included in Newberg, the Bald Peak area, which is in Washington County sold at $1,480,000
- Oldsville Rd is 150 acre property just south of McMinnville with a small home on it; luxury land.
- 4 of the 6 are primarily estate homes with acreage (acres: 78, 57, 20, 20)
- 1 is on the Willamette River on Wilsonville road (4.5 acres)
- The average list price was $1.35m and the average sold price was $1.18m (a 12% drop when negotiated)
- Average days on the market: 247 (but up to 1061 days on the market)
- Average square foot: 4806’ (a bit smaller than the Sherwood to Tualatin area sales)
- Download PDF Luxury Home Research Pt 2- Solds- 12 months
Pending Sales in Yamhill County
There is only one luxury property currently under contract and it is the former Brookside Inn (Bed and Breakfast) on Abbey Rd. Offered at $2.35m it has unique rural commercial zoning on 21 acres and appears to have a lease-option on it. It has a gorgeous setting and fishing ponds. Pending since last March.
ACTIVE listings for sale over $1m includes 28 properties (5 year inventory at last year’s rate of sales!)
- 11 properties are listed under $1.5m; 17 under $2m
- 5 properties are listed between $2-3m
- 4 properties are between $4-5m
- The most expensive property is $12 million (417 acre vineyard land)
- Listings by town: Newberg -9; Yamhill-6; Dundee/Dayton/Carlton/McMinnville-3 each; Sheridan-1
- Acreage: All but one are larger than 2 acres; 8 are over 75 acres
- Half the properties are over 5,000 sf up to almost 11,000 sf
- Download PDF Luxury Home Research Pt 2- Active Listings
- Download PDF Luxury Home Research Pt 2- Lists of Active Listings
Summary Thoughts…
The market recovery, since it began in 2012, has been more like a rising tide than anything. Geographically the tide envelops greater territory as it rises. There have been some dramatic corrections to high prices and quick sales as the tide comes close, but after a few of the great deals are gone, the improvement is steady and gradual. When an area or a demographic feels the promise of returned prosperity, there is always a surge of properties which hit the market based more on optimism, hope, and expectation more than sold data. As the sales increase, much of the exuberance subsides to reality, which is good, but the prices and the time on the market is then dependable rather than speculative.
Yamhill County is at that point of optimism right now. There have been only 6 luxury sales in a year! However, our eastern neighbor has many sales that are very good and the tide is about to lift our boats also. The optimism for 2016 is excessive and the active pricing, were it reality, would be euphoric. However, as luxury properties actually begin to sell this year (and we believe they will), sold prices will end much lower and eventually the marketplace will be able to ground their hopes and expectations on reality- actual sales data.
None of this is bad news. The reality is that 2016 should be the year that the luxury marketplace in our area returns to normal. Wherever the baseline is at the end of this year, the markets should grow then according to historic norms.
We depend very much on our out of state buyers to purchase our rural properties and especially our expensive properties. California and Arizona contribute greatly to our sellers’ success but we are now seeing people coming from many places nationally and even internationally because of the wine recognition. Of course our vineyard lands are getting very expensive as the demand for these continues to expand and intensify. Many of these active, high priced properties promote ‘vineyard potential’.
Buildable land, rural properties, and luxury properties are the last to return to normal. Last year was good; this year should be the first normal year in 9 years! Let’s hope we never repeat these dark years again…
Best regards,
Randy McCreith, Principal Broker
Direct: 503-310-9147
Bella Casa Real Estate Group
[email protected]
