Silverton had massive overbuilding for such a small community. With the loss of some jobs there, the Silverton real estate market is really suffering right now.
- 30 day absorption rate: 4
- Inventory: 27 months
- Average Price: $221,825
- Median Price: $225,150
- DOM: 208
Silverton started the 2009 year with 35 months of inventory. The drop to 27 months is nice to see, but its not because homes sold. Only 4 homes sold in February, compared to the 3 that sold in January. Homes are just expiring on the market in Silverton right now. The median and average home prices are fluctuating due to the small number
of closed sales, so they really aren’t a good gauge of what is happening in that market. The large inventory and the DOM stats really tell the story of the Silverton market.
Motivated…and I mean motivated…sellers should still be able to sell, but you can expect to feel like you are giving your home away. Unless some of that inventory gets pulled off the market, that will be the only way to entice those few buyers. I mean 7 closed deals in two months. Sellers, if you don’t get serious to snag one of the buyers,
you are in for a stressful time. 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.
Other real estate market posts for the area: