Stayton Real Estate Prices
I wrote six months ago that I fully expected Stayton real estate home prices to continue to drop. That didn’t happen this quarter, but quite frankly I don’t see how prices can’t go down. Back in January, Stayton had 36 months of inventory. Right now, it has 33. Pretty much none of the excess inventory was eaten up by the tax credit home buyers out here. Despite the fact that it looks like things are working themselves out in terms of home prices, I just can’t see that continuing.
Stayton Home Sales
You know as I was looking at this graph, I couldn’t help but notice the nice wave action going on…kind of looks like an ocean wave. Stayton, like all the other metro area cities sucked less than 2009. I think that will be my new motto “2010: The year that sucked less than 2009.”
So, the average and median home prices were up. Home sales are up. What is wrong with me that I think this is a problem? It’s that 33 month inventory number, and this…
those dang foreclosure notices. 2Q 2010 was twice as much as 2Q 2008. Foreclosure notices aren’t going down in Stayton. That coupled with the high inventory really means price corrections are headed this town’s way.
Home sale and home price data was crunched from the WVMLS. Foreclosure information was obtained from Fidelity National Title Co.
Doe the 33 months figure include the shadow inventory? D
No there is no attempt to add any foreclosures into that number that aren’t already on the market.
So the good news is that with interest rates so low and housing prices still low in Stayton, now would be a great time to buy in this community! I remember when Stayton and Sublimity were the hot areas to buy not too long ago, and am sure that in a few years it will be again. Many of us will be hitting our foreheads saying if only I would have . . .
I would agree with that sentiment for Salem and Keizer which are much more stable markets. Stayton is a hurting pup. What it does have going for it, is affordability, that is for sure. I have to say that with Stayton qualifying for the USDA loans, which are 100% financing for those of you that don’t know, that the market isn’t doing better. If someone is going to live in Stayton a long time, then they will probably be fine, but I can’t recommend short term purchases there.