The second quarter has ended for the real estate market. Here is where our local markets currently stand. Market data information is from the local WVMLS.
Here is what is occurring in the city of Silverton in real estate…
Average Sales price:
The average sales price so far this year is $279,213 up 14.9% from the first quarter, and up 0.5% from last year’s $277,868. Prices bounced back from the low of the early months probably due to some sales of more expensive homes. At this point they are essentially flat lined.
Silverton has a 90 day absorption rate of 7.3. This places the current Silverton inventory at 18.2 months. This is an improvement over the inventories at the start of the year which were running close to two years.
Home Sales Closed:
In the second quarter this year, 22 homes closed on the market. That is down 58 % from the same time frame last year when 53 homes closed in the first quarter. Sales volume continues to be, but as with other parts of the Salem Metro area the price stabilization along with decreasing inventories probably means that sellers are electing to take their homes off the market rather than drop their prices.
New Home Construction:
In the second quarter this year the average home price was $330,000. This is down 1% from the same time frame last year of $333,537. Unfortunately new construction sales are down 93% from the same time frame last year.
Silverton does not have enough condo transactions to conduct accurate analysis.
Luxury Market ($500,000+):
Silverton does not have a significant luxury market for analysis purposes.
If you need more specific market information, please feel free to call or email me with your specific area, and I will provide you with a more detailed report.
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