Who knew 0 was such a great number?
I’ve decided that I really like that number right now. Not -5, or -10, but 0. The Keizer real estate market has held fairly steady this year, with normal seasonal ups and downs. Why do I like 0? Because that is what the average and median home prices have declined in 2008 over 2007. 0. I think that has a nice ring…
Last year the average home price was $228,686 and this year it was $228,417. The median price last year was $214,900 and this year it was $215,000. Flat…0…I like it.
As you can see the Keizer prices started to adjust in 2006 when Salem was still peaking. Now in 2004 the median price jumped 9.6% and in 2005 it jumped 20%. That bump isn’t going to go without consequences with our current economic turmoil.
Despite the flat lining of home prices in Keizer, it is most definitely in a buyer’s market. The gap in listed homes and sold homes increased this year over last. Sellers that have to sell will have to be well priced and have homes in good condition to really entice those buyers to pick their home over the other homes.
While it is possible that Keizer home prices will just flatline for a while, which I would be happy with, I think the increasing inventory will most likely push the prices down. I would expect to see a mild decline in Keizer prices this year, barring any major economic news, of 5% or so.
For other 2008 Market Reports: