Home Prices in the Columbia Gorge in August 2016: Bursting the Bubble

by $specialName

September 21, 2016

Home sales in the Columbia Gorge surpassed housing bubble prices in 2016. The average price of a home sold through August 2016 rose to $272,533, 5.2 percent above its year-ago average and perhaps more telling, 1.5 percent above its average for the first eight months of 2008.
The Columbia Gorge home sales market, as reported by the Portland-based Regional Multiple Listing Services (RMLS), includes Hood River, Sherman, and Wasco counties in Oregon along with Klickitat and Skamania counties in Washington.

At the county level, average home sales prices varied considerably during the first eight months of 2016 – led by Hood River County's $380,771. Hood River County surpassed its housing bubble prices back in August 2015 and its average has risen an additional 3.5 percent through August 2016. Average home sales prices in Hood River County were 6.6 percent or $24,127 above August 2008.

Wasco County has performed exceptionally well over the year, with average prices rising from $185,300 through the first eight months of 2015 to $206,134 in August 2016, an increase of 11.2 percent! Home prices through the first eight months of 2016 are just above the housing bubble, producing an increase of 2.4 percent compared with August 2008.

Sherman County closed seven home sales through the first eight months of 2016 with an average sales price of $93,686. Back in August 2008, Sherman County home sales totaled five and its prices averaged $126,100. Unit sales rose but there really isn't much to go on given the limited volume.

Klickitat County surpassed its 2008 housing bubble prices in August 2015, averaging $252,294, an increase of 0.9 percent. Average prices rose substantially in 2016 with August year-to-date reaching $279,820, an increase of nearly 12 percent compared with August 2008.

Home sale prices in Skamania County averaged $246,155 through August 2016 – but remained nearly $30,000 or 10.7 percent below the average for the first eight months of 2008.

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