I had posted last month about Silverton Oregon’s real estate market stubbornness and sellers unwilling to concede that home prices needed to drop. I’d take credit for the correction that occurred there, but I know I really don’t have that much control over the market… Home prices seem to have finally started correcting this quarter. A little late to the recession party, Silverton sellers seem to have gotten some motivation or gotten off the market. Silverton inventories had been insanely high, but in June the inventory was a decent 10.1 months. That is not a neutral market by any means but considering how high inventories have been there, this is good news.
If you ever wondered what a real estate bubble looks like, just look at the 2nd quarter sales for Silverton Oregon. Can’t miss the ol’ bubble effect there. The other good news beside the drop in inventory and price, is that unlike the Salem Oregon real estate market, Silverton has returned to a normal sales volume. Hopefully that trend will continue as home prices here return to more reachable levels for buyers.
Overall, these are good solid changes for the Silverton real estate market heading into the summer season.