First Quarter Market Report for Northwest Crossing
Construction and sales in Northwest Crossing continue to outperform numerous other neighborhoods. Presently there are 32 homes available for sale in Northwest Crossing (single family detached homes), 21 are pending sale and 27 have sold so far this year (21 sold in Q1 2013).
This represents the second strongest first quarter sales in the history of the neighborhood (the strongest was 2012).
The average sales price for Q1 2013 is now on par with the average sales price for all of 2005.
Overall the price/square foot breakdown looks like this: $235.29/sf (active), $236.60/sf (pending) and $218.99/sf (sold).
Nonetheless it’s important to consider the differential between new construction and resale homes. Conventionally the National Association of Realtors purports that new construction typically yields a 15%-20% premium over resale. On average the new homes in Northwest Crossing have yielded a 14.68% premium however as the development matures I think it’s quite reasonable to think that this discrepancy will increase.
Separating new construction and resale the stats look like this:
New Construction : $246.80/sf (active), $251.99/sf (pending) and $234.99/sf (sold).
Resale Homes : $213.31/sf (active), $216.08/sf (pending) and $208.00/sf (sold).
The charts below show how the first quarter of 2013 stacks up against prior years. The average sales price is the highest since 2008 and the total dollar volume is greater than any other prior year.
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2013 | January | 7 | 285,000 | 725,000 | 393,452 | 335,000 |
2,754,165 |
154 |
| 2013 | February | 6 | 259,900 |
508,500 | 382,217 |
385,000 | 2,293,300 | 127 |
| 2013 | March | 8 | 342,035 |
635,000 | 493,792 |
492,450 | 3,950,335 | 99 |
| Totals | 21 | 8,997,800 | ||||||
| Averages | 7 | 423,154 | 404,150 | 127 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2012 | January | 5 | 314,500 | 441,395 | 351,379 | 320,000 |
1,756,895 |
379 |
| 2012 | February | 6 | 327,000 |
458,000 | 383,792 |
382,200 | 2,302,750 | 332 |
| 2012 | March | 12 | 190,000 |
480,950 | 348,613 |
352,500 | 4,183,352 | 155 |
| Totals | 23 | 8,242,997 | ||||||
| Averages | 8 | 361,261 | 351,567 | 289 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2011 | January | 3 | 350,000 | 389,900 | 374,633 | 384,000 |
1,123,900 |
154 |
| 2011 | February | 2 | 239,900 |
430,000 | 334,950 |
334,950 | 669,900 | 169 |
| 2011 | March | 4 | 269,900 |
749,000 | 440,850 |
372,250 | 1,763,400 | 172 |
| Totals | 9 | 3,557,200 | ||||||
| Averages | 3 | 383,478 | 363,733 | 165 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2010 | January | 2 | 219,000 | 299,000 | 259,000 | 259,000 |
518,000 |
89 |
| 2010 | February | 4 | 280,000 |
389,000 | 325,392 |
316,284 | 1,301,567 | 119 |
| 2010 | March | 4 | 290,000 |
410,000 | 346,000 |
342,000 | 1,384,000 | 364 |
| Totals | 10 | 3,203,567 | ||||||
| Averages | 3 | 310,131 | 305,761 | 191 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2009 | January | 2 | 300,000 | 409,000 | 354,500 | 354,500 |
709,000 |
231 |
| 2009 | February | 4 | 327,500 |
475,000 | 424,375 |
447,500 | 1,697,500 | 209 |
| 2009 | March | 4 | 337,500 |
559,000 | 476,625 |
505,000 | 1,906,500 | 230 |
| Totals | 10 | 4,313,000 | ||||||
| Averages | 3 | 418,500 | 435,667 | 223 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2008 | January | 3 | 518,210 | 835,000 | 666,070 | 645,000 |
1,998,210 |
201 |
| 2008 | February | 2 | 358,000 |
442,000 | 400,000 |
400,000 | 800,000 | 278 |
| 2008 | March | 2 | 370,000 |
408,000 | 389,000 |
389,000 | 778,000 | 297 |
| Totals | 7 | 3,576,210 | ||||||
| Averages | 2 | 485,023 | 478,000 | 259 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2007 | January | 9 | 425,000 | 983,265 | 643,461 | 649,000 |
5,791,149 |
199 |
| 2007 | February | 2 | 377,500 |
475,000 | 426,250 |
426,250 | 852,500 | 307 |
| 2007 | March | 4 | 387,000 |
687,000 | 477,750 |
418,500 | 1,911,000 | 215 |
| Totals | 15 | 8,554,649 | ||||||
| Averages | 5 | 515,820 | 497,917 | 240 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2006 | January | 5 | 427,943 | 638,518 | 509,681 | 483,070 |
2,548,404 |
101 |
| 2006 | February | 2 | 486,288 |
551,748 | 519,018 |
519,018 | 1,038,036 | 266 |
| 2006 | March | 6 | 339,000 |
610,589 | 490,181 |
529,237 | 2,941,083 | 185 |
| Totals | 13 | 6,527,523 | ||||||
| Averages | 4 | 506,293 | 510,442 | 184 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2005 | January | 2 | 359,858 | 399,900 | 379,879 | 379,879 |
759,758 |
149 |
| 2005 | February | 5 | 313,900 |
400,046 | 359,481 |
360,000 | 1,797,405 | 123 |
| 2005 | March | 9 | 309,900 |
512,836 | 398,807 |
358,799 | 3,589,265 | 157 |
| Totals | 16 | 6,146,428 | ||||||
| Averages | 5 | 379,389 | 366,226 | 143 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2004 | January | 0 | – | – | – | – |
– |
– |
| 2004 | February | 2 | 301,015 |
345,000 | 323,008 |
323,008 | 646,015 | 162 |
| 2004 | March | 7 | 237,700 |
352,814 | 292,277 |
284,900 | 2,045,942 | 224 |
| Totals | 9 | 2,691,957 | ||||||
| Averages | 3 | 307,643 | 303,954 | 193 |
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2003 | January | 0 | – | – | – | – |
– |
– |
| 2003 | February | 5 | 219,900 |
425,000 | 333,428 |
360,000 | 1,667,138 | 261 |
| 2003 | March | 2 | 277,500 |
320,254 | 298,877 |
298,877 | 597,754 | 239 |
| Totals | 7 | 2,264,892 | ||||||
| Averages | 2 | 316,153 | 329,439 | 250 |
Considering the pace of the market in Northwest Crossing there are opportunities for both buyers and sellers. Please contact Jason Boone today for more information.
All statistics and calculations were generated through the MLS of Central Oregon database. The information is deemed reliable but not guaranteed. All reported statistics above include single family homes in Northwest Crossing, townhomes, and other property types were excluded.