I’ve talked about Keizer a lot. It was a bastion of sanity while the rest of the Salem Oregon real estate markets were going in the toilet. Keizer flat lined and then plunged, but still remained some semblance of decency during it’s drop. Keizer did what I think most of the Salem Oregon area real estate markets should have done. Drop fast. I think getting the pain over with in one fell swoop is better than this slow bleed that Salem has done.
In August 24% of homes that sold in Keizer (according to WVMLS data anyway) were distressed properties (ie short sales and foreclosures). The unemployment rate in Oregon has taken it’s toll, Keizerites no exception. That’s a big chunk of the market for these parts. I know some agents in parts of Florida where 90% of homes sold are distressed properties, so in the big picture of housing markets, really Keizer is doing quite well.
This doesn’t mean sellers can be cocky.
The current median home price is $198,000 in Keizer. In August 2008 it was $216,500. That’s an 8.5% price drop year over year. Sales are down 19.4% over August 2008, but you’d never know that with only a 6.86 month real estate inventory.
You read that right. Keizer Oregon is at only 6.86 months. Just a hair over neutral. Keizer is almost out of a buyer’s market and into that coveted neutral market. Anyone doing any transactions in Keizer will tell you that it is still a solid real estate market.