If you read any of my earlier market reports on Monmouth, you would know that it was one of the better off Marion county cities. This doesn’t mean that prices didn’t decline here. There was a 5.5% drop in the average home price from 2007. The current average home price is $207,196. The median home price had a 3.6% drop in price.
Like other cities in Marion county, homes prices are not increasing.
The DOM was 124 days which was a drop from 2007. The reason for this seems pretty clear when you look at the number of home listed. 37% fewer homes were listed on the market in 2008, than 2007. What this did was allow inventory numbers to stay lower stabilizing the market. Monmouth has been hovering close to a neutral market, but is still in a mild buyer’s market.
So with a smaller amount of homes listed on the market, you can clearly see the trend towards neutrality on the listed vs. sold graph. Home sellers are staying put which is stabilizing the Monmouth market.
Now…don’t think this trend means you can ask for more money in the sale of your home. Prices did correct. I do expect them to correct, maybe another 3-5% downward depending on what happens here in the economy.
There are some nice signs of stabilization in this market as the supply and demand are getting closer together. If you are looking to sell in Monmouth, don’t overprice your home, and with good marketing you should be able to get it sold. If your home isn’t selling in Monmouth, you are probably overpriced for condition. This market is fairly stable.