Silverton had the largest correction of our local Marion county cities. With a 9% drop in the average home price and a 5.3% drop in the median home price, Silverton sellers were really struggling this past year.
Days on the market stayed essentially the same as 2007’s 135 days, with being just 133 days in 2008.
Silverton had one of the steeper inclines during the real estate run up and as such will have one of the steeper declines.
With 50% less homes sold in 2008 over 2007, Silverton is headed towards more housing pain in 2009.
The gap is widening in Silverton as fewer homes are selling, but people are still putting their homes on the market.
In 2008, only 29.6% of listed homes sold. At current odds, residents have a 1 in 3 chance of selling their home. If you are looking to sell a home in Silverton in 2009, be prepared to be ultra competitive in pricing and condition.