Last one year end market report. Whew…I need a break from data and I’m sure my regular readers are getting tired of data too!’
So let’s talk Stayton real estate.
Stayton has been struggling for a while and that hasn’t changed. The inventory is currently at 36 months, which is high even for our normal slow months. I wish I had better stats to share with you for Stayon, but I don’t. If you want cheery news you’ll have to go to Aumsville.
The average home priced dropped 11.9% to $192, 156 and the median shifted upwards 2.2% to $189,900. I think the median shifted up as there were some more expensive foreclosures that hit the Stayton market, pulling the median up. I don’t think that the Stayton real estate market is close to recovering or bottom for that matter.
I think it is still in a world of hurt over there.
I think this becomes more apparent when we look at the number of homes listed vs. the number of homes sold. What is supply and demand looking like in Stayton?
Honestly, better, but not good.
The larger the gap between the red and blue lines, the worse the inventory and hence, supply and demand, are.
You can see we have clearly come off the peak, but things aren’t in any great shape. From 2008, the number of homes sold dropped 10.9%. Now that was offset a bit by a drop (28.2%) in the number of homes listed but supply and demand still aren’t working well together in Stayton.
So what does that mean for 2010?
Stayton home prices will have to continue to come down to correct the supply and demand imbalance. Like Silverton, I would not be surprised at all, and in fact would expect to see, home prices drop another 10% in this area. Inventory just isn’t getting eaten up fast enough to keep home prices stabilized. Sorry Stayton home sellers. I wish the trends were looking better for your area.