No big surprises here. Prices dropped. Like Monmouth, Independence dropped 5% for the average home price and 3.6% for the median.
Independence had steady appreciation since 2002 due to its proximity to Salem and its affordability.
It did peak in 2007 as did most of the Salem Metro area.
Days on the market, DOM, for Independence Oregon
The DOM are starting to lengthen out and I would expect those to increase as the 2009 year goes on.
The current DOM are 113 and I would expect that to head into the 120-150 day range as the year goes on.
Right now only 39.6% of homes listed are selling in Independence, compare that with the 44% in Monmouth. There are too many homes on the Independence market, which means that prices are going to drop as buyer’s shop for bargains. Sellers that have to sell will be forced to drop their prices more in-line with supply and demand, or be forced to take their homes off the market.