I hope you all like my new blog format! I was waiting to do my market reports until my blog was finished. So…
For residential real estate in Salem Oregon…
The 90 day trend:
- Average sold price: $208,679
- Average original list price: $225,461 (ie what the agent originally listed the price).
- % of listing price to sale price: 92.5%
- % of listings to expire/terminate: 36.2% (since the start of the year)
- Average DOM: 123
- Listed vs. sold: 26.8% (since the start of the year)
The 30 day trend:
- Average sold price: $217,579
- Average original list price: $312,950
- % of listing price to sale price: 69.5%
- Average DOM: 124
This month when I ran the list to sales price I ran it with the original list price. I am seeing huge price drops from sellers that I wanted to see what things looked like. The 30 day trend with 69.5% list to sell, says it all. People with more expensive homes are finally realizing that they do, indeed, need to drop their prices to more affordable levels in order to get those homes sold. Moving some of those more expensive homes, bumped the average price up by a percent or so.
As it currently stands there is a greater chance that a home listing will expire or be terminated, than actually getting it sold. This trend is continuing from last month.
Sellers, especially of more expensive homes…your homes have to look good and be WELL priced. There are so few buyers that are qualifying in that price range. If you have a home for more than $350,000…I’m talking to you.