Like the Salem real estate market, the Keizer market saw a minor uptick in sales. 1 over last year. That counts as an uptick, right? Statistically the numbers are so low you can’t really say anything with accuracy other than the market is still insanely slow. That much, I can say for sure.
Of concern for the Keizer market is the growing inventory. It is currently at 16.5 months which has been steadily growing over the past year. Like the Salem market, short sales and foreclosures make up 17.2% of active listings and 21% of what has sold in the past two months have been these distressed properties.
The impact is clear when you look at the year over year numbers for February home sales. Last February the average sales price was $231,762 and compare that to this February’s $173,710. Buyers of homes in Keizer are clearly stating where they are willing to spend their money. Keizer, like Salem has seen an increase in activity as buyers are sensing that home prices are in the low, foreclosures are taking longer to sell, and there are low interest rates. Bargain hunters are out searching and waiting for that great deal. This isn’t good news for regular home sellers as they will have buyers hovering over their properties but not getting any offers.