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…
The Silverton market has had many ups and downs over the past couple of years. While it looks like things were holding their own in the second quarter, the third quarter was a 17% drop in average sales price over 3rd quarter of 2007.
Silverton early on this year had a 24 month inventory due to the lack of pricing corrections. This drop did help to correct some of the inventory problems.
30 day Absorption Rate/Inventory:
Silverton has a current absorption rate of 10. This places the current Salem inventory at 11.4 months.
Home Sales Closed:
In the 3nd quarter this year, 34 homes closed on the market. That is down 31 % from the same time frame last year when 49 homes closed in the third quarter.
New Home Construction:
New home sales were down 31% from the same quarter last year. The average new home construction price is $320,238 up 5.1%% from the same time frame last year.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)