Here are the regional stats for our Salem housing market for August. The MLS tracks 6 regions here in Salem. These stats are for single family units which includes condos.

Central Salem
Average Sold Price: $156,140
Median Sold Price: $157,000
Average DOM: 105
Current Inventory: 10.45 months

Suburban E Salem/North (Jan Ree, Haysville, etc)
Average Sold Price: $201,007
Median Sold Price: $195,000
Average DOM: 107
Current Inventory: 15.3 months

Suburban E Salem/South (Houck area)
Average Sold Price: $168,418
Median Sold Price: $166,250
Average DOM: 98
Current Inventory: 8.9 months

South East Salem (Morningside, Pringle areas)
Average Sold Price: $273,376
Median Sold Price: $252,450
Average DOM: 130
Current Inventory: 14.3 months

South Salem Average
Sold Price: $270,614
Median Sold Price: $218,000
Average DOM: 213
Current Inventory: 12 months

West Salem Average
Sold Price: $242,933
Median Sold Price: $241,500
Average DOM: 125
Current Inventory: 11.7 months

Suburban south east (Houck) remained the most stable. I would expect this trend to continue due to the affordability of the area.

A surprise for last month was the 10% increase in the average home price for the North area (Hayesville). Looking at the sales it appears that builders were able to successfully sell some of the new homes built out in those areas due to their proximity to Portland. I think this trend will be short lived, as the inventory doubled in the past 30 days.

There was a 10% drop in the average price for the South Salem area. Yuck. While South Salemites love their neighborhoods, buyer’s are clearly saying, they don’t love it that much…The other areas have remained relatively stable with their inventories and home prices. South Salem seems to be the most volatile at this point in time as sellers cling to high prices due to the desirability of the area. The price drop seems to indicate that South Salemites are starting to be more realistic with their home prices.

The central Salem numbers may get skewed in the future as the Church St, and Riverfront condos hit the market and sell.

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

Related posts:

  1. Salem Regional Market Stats
  2. Salem Oregon Regional Market Data June 2008
  3. Coffee and Stats: July 2008 Salem Region Market Conditions
  4. Coffee and Stats: July 2008 Real Estate Market Update for Salem Oreon
  5. Coffee and Stats: July 2008 Inventories for the Salem Metro Area