I’m the anti-pack rat. Every year I go through my stuff and take inventory, if I haven’t used it in two years (with some exceptions) it needs to be sold or go to goodwill. You’d think my house would be amazingly clean and clutter free, but it’s amazing how much junk kids can collect…I’ve got a pile of “too cool sticks” and rocks that aren’t going anywhere soon…despite my best efforts. I think it is important, every so often, to take stock of what you have and plan from there.
In real estate, inventory is an extremely important number. It tells us whether or not buyers or sellers have the most influence in the marketplace. I haven’t broken down the Salem Oregon inventory numbers in a while so here goes…
Not surprisingly, if you are trying to buy a home for under $150,000 you are competing in a seller’s market. This makes sense since a lot more people can afford homes in this price range. This is also investor territory so home buyers are competing with investors in this price range as well.
Looking at homes between $150k-$250k, inventories are hovering around 7 -8 months. This is where most of my buyers have gotten some really good deals. This starts to push the price range for many of our Salemites so inventories start to creep up here.
Inventories jump after the $250,000 mark. As fewer buyers qualify in these price ranges inventories head up. The worst price brackets are the $500-$600,000 bracket right now which has 50 months and the $700,000 plus bracket which has 333 months. That number makes all of the other inventories look down right peachy in comparison.
So overall, these numbers look pretty good considering the state of our employment rate here in Oregon. If you are trying to sell a $700,000 home…well, not sure what to tell you, but the luxury market is tough everywhere.
If you want to see what a specific price range has to offer right now, click on the link for current real estate listings.
This data is based on information gathered from the WVMLS for single family residential properties (ie no acreage properties).