Keizer Oregon….What can I say? I knew that the relative stability that Keizer saw last year was going to change, but I was truly surprised by these numbers. Whether these hold or not remains to be seen.
This market snippet is for the single family, non-acreage property, homes real estate market here in Keizer Oregon.
Day Absorption Rate
7 Down Inventory 25.1
$253,628 Up Median
$216,000 Down DOM 152 Down
You may remember from my last snippet that Keizer had 13 months of inventory in January, which was up from the 9-10 months it had been for most of 2008. Keizer’s inventory increased 92% over January. It pretty much doubled. Just a reminder…inventory fluctuates on a daily basis and has seasonal highs
and lows. This was an insane jump, even in this market. I would expect that number to either stagnate, or come back down a little in the next few months.
The average home price went up 15.3% in February over January. This is the problem with using the average is that numbers get skewed depending on what sells. Lack of closings in February is really skewing this data. Home prices are not really appreciating in Keizer.
The median home price shifted 1.3% downward in February over January. I would expect Keizer to have gradual downward shifts in home prices, but if that inventory continues to stay high, we may see a more dramatic shift like the one that occurred in the Salem numbers.
If you are a seller, just remember that there are buyers out there. You just need to be priced right for the condition of your home. Buyers, there are some good deals to be had. You can start your Keizer Home Search Here.
For the Salem Oregon February Market Snippet…