You all know the drill. Grab some coffee, as the next few posts are going to be my July real estate market updates.
For residential homes sales in Salem, Oregon…
The 180 day trend:
Median sold price: $199,900
Average sold price: $220,454
Average original list price: $225,666
% of listing price to sale price: 97.7%
Average DOM: 122
Listed vs. sold: 38.7%
The 90 day trend:
Median sold price: $200,000
Average sold price: $224,555
Average original list price: $230,457
% of listing price to sale price: 97.4%
Average DOM: 120
Listed vs. sold: 39.9%
The 30 day trend:
Median sold price: $194,500
Average sold price: $221,163
Average original list price: $225,900
% of listing price to sale price: 97.9%
Average DOM: 122
Listed vs. sold: 37.6%
The median sold price which is hard to shift, just shifted downward by about 2%. The average sold price has dropped 5-10% depending on how far you go out. The list to sold ratios are staying high, which means that sellers are dropping their prices to induce a sale.
Of concern is the list to sold ratio. This percentage, pre boom, ran around 60-65% for the Salem area. In the boom it was up to 85%. 20% over norm in the boom, and 20% under norm in the backlash.
There are a lot of listing expiring and being withdrawn off the market by sellers, as they are unable to solicit a buyer in this market. So if you have listed a home in the past 6 months, you have a 37-39% chance of selling it in our current market conditions.
You’d better be the best house at the best price with odds like that.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)