Keizer has always had a tight market since they need the urban growth boundary to expand in order to build more homes. They were the first local market to stabilize in the real estate crash because of the good schools and easy jump-off point for split commuters to Portland and Salem. The following data is for the Keizer real estate market in review 2020.
Keizer saw 556 real estate sales for non-acreage properties. Only 35 of those were new construction since Keizer is running out of developable land for building. This is a 7% increase in sales year over year from 2019.
The median list price for 2020 was $329,950 and the median sold price was $335,000. Homes are selling for 101.53% of the list price, but it doesn’t feel that way to buyers in multiple offer situations. Many buyers are going 5-10% over to try and get the home in these competitive situations and not getting the home. The median home price went up 8% over 2019 due to incredible demand a serious lack of supply.
In 2020, the biggest inventory on the market was in January with 2.4 months of inventory. It was all downhill from there and the year ended with a mere 0.4% inventory.
The projections into 2021 are more of the same. While there is some expectation that interest rates will climb as we head toward selling season in the spring, I don’t think it will negatively impact the market. We have Portlanders coming down into our market due to affordability and Keizer is a great location for them to commute up to work. I don’t see this changing in 2021.
If you are interested in other cities you can read the Salem real estate market review for 2020.