The first quarter has ended for the real estate market. Here is where our local markets currently stand. Market data information is from the local WVMLS.
Here is what is occurring in the city of Silverton in real estate…
Average Sales price:
The average sales price so far this year is $242,841, down 12.6 % from last year’s $277,868. Prices have corrected slightly in Silverton. They will probably continue to have some moderate correction in the upcoming months.
Silverton has an absorption rate of 5.3. This places the current Silverton inventory at 23.8 months.
Home Sales Closed:
In the first quarter this year, 16 homes closed on the market. That is down 60 % from the same time frame last year when 40 homes closed in the first quarter. What this means for you as a seller is that you have to be the best house with the best price.
New Home Construction:
In the first quarter this year the average home price was $293,418. This is up 3.2% from the same time frame last year of $284,266. Unfortunately new construction sales are down 81.3% from the same time frame last year.
Silverton does not have enough condo transactions to conduct accurate analysis.
Luxury Market ($500,000+):
Silverton does not have a significant luxury market for analysis purposes.
If you need more specific market information, please feel free to call or email me with your specific area, and I will provide you with a more detailed report.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author