Well the real estate season is underway and so this month’s stats are a good indication of what we can expect for the market this year.
The good news…Salem Oregon home inventory is at 11.5 months right now. That is almost a two month drop since last month’s real estate report. I can say from personal experience that buyers are indeed out looking to buy as part of the typical Salem Oregon real estate cycle. Make no mistake they are looking for good deals, and those…are selling fast and with multiple offers.
Price is still a consideration, as many buyers aren’t qualifying for those higher-end homes. That sector is still languishing, but the under $200,000 market is continuing to improve. If you are a seller it doesn’t mean that you should just put your home on the market “to see what happens.” The sellers that have to sell are the ones negotiating discounted prices on their homes and actually closing. Many homes are expiring on the market and sellers are just not returning.
Some other numbers that don’t mean anything without context are
Number sold: 136
Average home price: $210,852
Median sold price: $195,500
Average DOM: 154
So let me put those numbers into context for you. The number of homes sold in May is down 24.4% from 2008, and a staggering 56.3% from 2006. So sellers that feel like they are struggling to sell their homes…that is why: Less homes are selling.
The median home price is almost on par with 2006 and 2007, and is only down a mild 3.3% from 2008. So the median price in the month of May has been relatively stagnant for the past 4 years in Salem Oregon. These aren’t signs of a thriving real estate market by any means, but overall pretty good statistics given the state of our unemployment here in Oregon.