- 30 day absorption rate: 3
- Inventory: 35 months
- Average Price: $214,129
- Median Price: $182,988
- DOM: 126
Silverton started the 2008 year with 24 months of inventory but had corrected to around a 9-month inventory by August. Homes were dumped back on the market and ended 2008 back at that 24-month inventory number. Sales have plunged in Silverton and the inventory is now sitting at an ugly 35 months. Silverton had the largest home price corrections last year, and if that inventory is going to be thinned, that will have to continue in 2009.
Silverton has long depended on its desirability to drive home prices. With increased down payment requirements, and tougher qualifications many people will be priced out of Silverton. How much further will Silverton fall?
That remains to be seen, but sellers in Silverton need to be aware of this long inventory and be competitive if you have to sell.