The Keizer Oregon real estate market
Keizer had been one of the best markets here locally…best, being a subjective term mind you. The inventory in Keizer which had been pretty consistently in the 6-9 month range for past of the past couple of years started to spike this year and that spike has continued. As of today the inventory was 14.4 months. Like Salem, heading into the winter season where inventory naturally grows due to lack of activity, this isn’t a good thing for home prices.
While home prices remained fairly stagnant from 3rd quarter 2009, the median home price in Keizer Oregon dropped just below 2005 levels for the same quarter.
This of course isn’t unexpected due to the tax credit ending, high inventory and of course the real killer, high unemployment causing our locals to go into foreclosure.
Keizer Oregon home sales
Just like Salem, home sales plunged in this third quarter, I’d calculate what home sales have done since 2005, but that would be too depressing so I’ll skip that step and leave you with the warm sunny thoughts of a nice fall Oregon day. Since 3rd quarter last year, we’ve dropped 40% on the home sales front, but don’t panic yet because remember everything just got shifted forward. Home sales are still up 9% year to date.
So what does all this mean?
It means homes are cheaper than before and probably will continue to get cheaper than before, but hey…what do I know.
The last real estate bastion struggles.
This data was crunched from data provided by the WVMLS for single-family, non-acreage properties.