Silverton started the 2009 year with 35 months of inventory, dropped to 27 and now is up at 30.5 months. That is 2 1/2 years worth of inventory. Too much.
- 30 day absorption rate: 4
- Inventory: 30.5 months
- Average Price: $255,625
- Median Price: $230,500
- DOM: 184
Again due to the small numbers of sold properties in Silverton, the average and median home prices are kind of worthless data. They will just swing too much depending on whether or not an inexpensive or expensive home sold.
Now last month I said that motivated sellers should still be able to sell. I think that is still true, but are Silverton sellers really motivated? I had said that sellers would have to feel like they were “giving their homes away.” I still think that is true and here’s why. So far this year a whopping 13 homes have sold in Silverton. From the original list price to the eventual sold price those homes averaged a 14.6% drop in price.
To put that into perspective…a home listed for $300,000 would have eventually sold for $256,200. So where are homes priced now? If you look at active listings that have been on the market for at least 60 days (which is when you would expect to have some sort of price drop), the average active listing has only dropped 8.4%.
Now I am seeing some sellers drop their price within the first 30-60 days as agents try and get aggressive, but sellers seem a little slow to follow the market trends in Silverton. Like I said last month, Silverton had the largest home price corrections last year, and if that inventory is going to be thinned, that will have to continue in 2009.
If you want help finding a real estate deal in Silverton, you can start your Silverton Home Search or contact me for help.
Other real estate market posts for the area:
Salem Oregon Real Estate Market Report