6.1% decline in the median home price
11% decline in the average home price
33% decline in the number of homes sold
9.5% increase in days on the market.
Inventory: 13.9 months Whoo Hoo!!!
Why am I whoo-hoo-ing? That is the best inventory number I have seen for Salem Oregon in a while. Okay, okay...last month was at 14.0 months, but well a gal has to whoo hoo about something in this market. I agree that a one-tenth drop is well, nothing, but I want to celebrate something and that is the only stat to celebrate about.
We have a ways to go to get to that coveted neutral market of 6 months, but it has been declining nicely. Why is the inventory going down? Well because home prices have dropped and buyers can afford homes now AND sellers are not putting their homes on the market.
I would expect the average and median home prices in Salem to continue to correct because I am seeing more and more foreclosures pop onto the market. The foreclosures have been really good deals, meaning below market value, and as such will pull those numbers down. They are also getting multiple offers on them. The good deals are going FAST.
The average home price for Salem Oregon in April was $195,611. The median home price was $189,700. The average days on the market 127. 106 homes sold in April 2009 which was a drop for last year’s dismal 159. Sales volume is still off, but at least the normal real estate cycle is in play. I was really hoping those nasty January and February numbers weren’t going to continue.
So…bottom line for Salem Oregon…still declining but at least heading in the right direction.
If you have a question about a specific market sector (acreage, multi-family, etc) you can always just ask the broker and I’ll write a post about that sector.
The data in this post is compiled from data provided by the WVMLS. Data is for single family residential, non-acreage properties.
You are right anytime we see one of our stats going in a better direction we need to cheer.
I’d be happy with just a plateau right now. That’s two months in a row with about the same inventory. I’m hoping it sticks.
Melina:
I have been blog hoping all over North America since January. I have found that markets are picking up most everywhere. The markets that did not go up extremely and did not come down extremely are lagging a bit. It seems Oregon falls into this group. I feel though that last few weeks are showing changes even in these markets. I think you will really start seeing some strength now. It should eat up the inventory. It actually starts with price reduction which creates some bidding.
Good Luck!
Richard
Richard,
Yes our market did not run up like that and we tend to mirror the rest of the country a year later in real estate trends. I know some agents in some parts of Florida that are starting to see a stop in the decline in prices, a bottom in that aspect.