Keizer didn’t really see a lot of corrections in the past year, but that is not going without consequences now.
In April of 2008 the median home price in Keizer Oregon was $250,000. This April it was $177,550. That’s a 29% plunge. That figure is pretty consistent with what I have seen for my clients in the Keizer real estate market. Home prices are having huge drops in price as there have been quite a few short sales hitting the market there.
Of concern in the Keizer real estate market, and well all of the Salem Oregon area markets, is the lack of sales. Only 15 homes sold in April in Keizer. In 2005 that number was 43 and last year, 2008, it was 33. Last month it was 21. Sale volume is off over 50% from the same time frame last year.
With lack of demand, prices have no choice but to drop to try and find that equilibrium point. Honestly, I wouldn’t expect Keizer to continue to plunge like this. Unlike the Salem Oregon real estate market, which has been correcting slowly over time, Keizer just took a big header instead.
Sellers of Keizer homes…the average sales price was $207, 120 and it took 211 days to sell. Inventory is at 12.1 months, which in the current economic environment is not bad. Sellers be prepared to be on the market for a while, OR you have to have an incredibly priced home. Homes that are deals are flying off the real estate shelves.
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