The Keizer real estate market update for September 2024 is seeing some intriguing shifts. While home prices continue to climb, fewer homes are changing hands, making it a unique time for both buyers and sellers. Let’s break down the data to see what’s happening in our local market.
Rising Home Prices in Keizer
The median sales price for homes under 0.5 acres in Keizer reached $450,000 in September, up by 3.4% compared to August 2024. This marks a 9.0% increase compared to September 2023, showing steady growth in property values over the past year. Even with higher prices, the price per square foot has seen a slight 2.5% dip, now sitting at $272.
Sales Activity is Slowing Down
The real story in September is the sharp drop in closed sales, which is down 37.8% from the same time last year. This slowdown is coupled with a 35.9% decrease in new listings, resulting in just 25 new homes hitting the market this month. There is always a slowdown as we head toward the holidays, but September is still traditionally a big listing month. Listings were down 21.9% year over year. This suggests that many potential sellers are holding back, perhaps due to uncertainty or a desire to wait for more favorable conditions.
Inventory is Piling Up
Interestingly, even with fewer new listings, the active inventory rose to 56 listings, marking a 16.4% increase month-over-month. This means that homes are staying on the market longer, reflected in the median days on market, which is now 68 days, a 58.1% increase from last month.
The months supply of inventory (MSI) also climbed to 2.4 months, up by 34.4%. An MSI of around 4-5 months generally indicates a market that’s beginning to shift from a seller’s market toward a more balanced one. For buyers, this means a bit more choice and potentially more room for negotiation.
What Does This Mean for Buyers and Sellers?
For buyers, the increase in inventory could be a welcome sign, offering more options and possibly leading to less competitive bidding situations. However, they’ll still face higher prices, as the market isn’t seeing significant price drops yet.
Sellers, on the other hand, may need to adjust their expectations. With homes taking longer to sell and the market slowly shifting toward a balance, pricing homes competitively and making them stand out will be key to attracting buyers.
The Keizer market in September 2024 presents a mix of opportunities and challenges. With prices continuing to rise but sales volume falling, it’s a market in transition—one where strategy and timing can make all the difference.
This information comes from data from the WVMLS and Altos.