The second quarter has ended for the real estate market. Here is where our local markets currently stand. Market data information is from the local WVMLS.

Here is what is occurring in the cities of Monmouth-Independence area in real estate…

Monmouth:
Average Sales price:
The average sales price in the 2nd quarter is $210,191 up 1.5 % from the 1st quarter’s $207,149. Prices are remaining stable at this time.

Inventory:
Monmouth has a 90 day absorption rate of 4. This places the current Monmouth inventory at 14.5 months.

Home Sales Closed:
In the second quarter this year, 12 homes closed on the market. That is down 73 % from the same time frame last year when 44 homes closed in the 2nd quarter. Sales volume continues to be down for all areas.

New Home Construction:
In the 2nd quarter this year the average home price was $217,500. This is down 14.1% from the same time frame last year of $253,158. Unfortunately new construction sales are down 96% from the same time frame last year. Ouch…not much to say about that number.

Independence:
Average Sales price:
The average sales price in the 2nd quarter is $195,283, up 10.2 % from the first quarter’s $177,166, but down 2.5% from the second quarter 2007 of $200,419.

Inventory:
Independence has a 90 day absorption rate of 9. This places the current Independence inventory at 6.8 months. Don’t look now, but that puts Indpendence in a neutral/normal market.

Home Sales Closed:
In the 2nd quarter this year, 18 homes closed on the market. That is down 31 % from the same time frame last year when 26 homes closed in the first quarter. Sales volume is still off, but this market is data consistent with a stable, normal market.

New Home Construction:
In the 2nd quarter this year the average home price was $198,541. This is down 2.5% from the same time frame last year of $203,628. Unfortunately new construction sales are down 44% from the same time frame last year.

Buyers and sellers in Independence need to be aware that they appear to be in a stable market with only a slight advantage to buyers. Buyer’s looking to lowball are probably not going to find what they are looking for in Independence.

(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)

Related posts:

  1. Monmouth-Independence Real Estate Market Conditions
  2. 2nd Quarter 2008 Market Report for the Salem Oregon Real Estate Market
  3. 2nd Quarter Real Estate Market Report for Silverton Oregon
  4. April 2008 Salem Oregon Real Estate Market Report
  5. Silverton Oregon Real Estate Market Condition Report