Grab some coffee…The next few posts are going to be my May real estate market updates. No fair falling asleep. If I take the time to calculate and post these for you, the least you can do is read them!
For residential homes sales in Salem, Oregon…
The 180 day trend:
Median sold price: $205,000
Average sold price: $225,000
Average original list price: $241,070
% of listing price to sale price: 93.19%
Average DOM: 122
The 90 day trend:
Median sold price: $205,000
Average sold price: $224,638
Average original list price: $236,672
% of listing price to sale price: 94.91%
Average DOM: 118
The 30 day trend:
Median sold price: $205,000
Average sold price: $231,525
Average original list price: $242,171
% of listing price to sale price: 95.6%
Average DOM: 113
This data would seem to indicate that the market is stabilizing here in Salem. While the trend is there, the biggest issue I see is that inventories are still running at 9.8 months for the Salem market. My concern for the market is that sellers are still holding out for pricing and when the spring and summer markets fail them, prices will drop.
What really happens remains to be seen.
Tags: average home price, homes, median home price, real estate, salem oregon
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