Following is some statistical analysis of the market for houses on small acreage in central Clark County, Washington. The data was selected with the following sort criteria: Built from 1990 to 2007; lot size 3-10 acres; detached houses; 1,500 to 2,500 square feet in size. These criteria were chosen to minimize the extremes provided by older farms with large out building compliments, and to leave out the very small, old manufactured houses. Both of these things would have skewed the data. The properties included in the graph below displayed great consistency in the data. (Houses on Small Acreage in Central Clark County Washington)
The time frames looked at were in 1/2 year increments. As you can see, there was a consistent rise in prices from the beginning of 2006 to the middle of 2007. Days On Market (DOM) also rose during this time. DOM rose steeply in the beginning of 2007, then decreased in the second half. Prices dropped about 7 1/2% in the second half of 2007. It is interesting to note that the DOM have declined some. This suggests the possibility of the market stabilizing. It will take some time (probably by April) to see if this stabilization will be prevalent.
(statistics are from the local RMLS)
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