Here is where our local markets currently stand. The real estate market data information has been gathered from the local WVMLS. Here is what is occurring in the city of Jefferson…
Jefferson had a 17% drop in the average price of a home from the same time frame last year. While Jefferson has always been incredibly affordable, I think the increased gas prices coupled with cheapening inventories in Salem might have made Jefferson less attractive to buyers.
30 day Absorption Rate/Inventory:
Jefferson has a current absorption rate of 3. This places the current inventory at 10 months.
Home Sales Closed:
There was a 64% drop in the volume of homes sold since the 2007 3rd quarter. 1/3 of Jefferson’s current inventory is new construction. Once those homes get cleared out of the inventory numbers, Jefferson should return to a neutral market status.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)