Tea and Stats: Salem Oregon Market Trends for October 2008

I’m a little too addicted to coffee so I’m switching over to tea. You can still drink coffee if you want. I just need to cut back a little.

The 90 day trend:
Average sold price: $217,442
Average original list price: $223,033
% of listing price to sale price: 97.4%
% of listings to expire/terminate: 31.1% (since the start of the year)
Average DOM: 126
Listed vs. sold: 27.6% (since the start of the year)

The 30 day trend:
Average sold price: $214,508
Average original list price: $219,745
% of listing price to sale price: 97.6%
Average DOM: 125

The average price for October was $214,508. That is 9.5% drop from last October. The market is following its normal pattern, just at a lower level.

What is concerning is the amount of homes listed vs. homes sold. So for people that listed their homes from the start of the year, you currently have a 27.6% chance of selling your home, and it is statistically more likely that you will terminate your listing or let it expire.

What this clearly screams at sellers is 1) price your home appropriately for condition and 2) don’t enter the market with unrealistic expectations.

(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)