The National Association of Realtors has been touting that the real estate industry has been a return to normal for many parts of the country with just a very really devastated areas.
While there are many things I like about NAR, I think it is really important to be completely honest about the market. So I set out to test their theory.
For residential listings in Salem Oregon only…
Here is a graph showing the percentage of homes listed during the year, vs. the ones sold. At the height of the market 85% of what was listed sold. We ended the year at a respectable 50%.
While, the percentage of listings has dropped, we are still 10-20% below normal for our area. What this means is that inventories are creeping up and sellers are going to have to be ultra competitive in order to get that sale.
For more information regarding the real estate market conditions in Salem or any of the surrounding areas, please feel free to email me.