I have talked with many potential buyers for acreage property around the Salem area. Most are people wanting to relocate here, up until I email them some properties and the costs associated.
In the 2008 year, our local Salem acreage properties dropped slightly, almost on par with non-acreage homes…5.4% for the average sales price from last year, and the median sales price shifted downwards a mere 1.6%.
Days on the market? I thought you’d never ask…
The days on the market average for acreage properties actually dropped by two days. Creating an average of 4.8 months from list to sale.
One of the challenges with this particular statistic is the “New Listing Game” some agents play with the data, and the fact that people change agents. So if a new agent is hired it is a new DOM even though the property may have been on the market for a while.
So where does this leave our acreage properties for 2009? Headed for a decline, most likely.
When you look at the number of properties that are listed vs. actually sold you can see that widening gap again. With a current average price of $497,795…these properties are just out of the price range of too many people. Especially considering that the average price was only $239,413 in 2000. That is a 108% increase in just 8 years.
So for 2009 expect corrections. Honestly if the median and averages dropped by 20% I would not be all that surprised.
For other 2008 Summary Market Reports for Salem: