In for a little bit more pain…I think
I’ve been busy working and playing at North Fork Park rather than doing my quarterly real estate market reports, so I’m a bit behind…So for those of you waiting for these, my apologies…now onward!
Silverton Oregon home sales
Finally seeing home sales rise in Silverton. Like the other Salem metro cities, sales stunk in 2009. Home sales volume in the second quarter was where it was back in the early part of the decade.
Silverton Oregon Average Home Prices
The steep drop in home prices in Silverton has slowed. This is not unexpected. Silverton is a nice place to live and as prices come more in-line with consumer expectations prices will stop dropping. That time isn’t yet though.
Silverton Oregon Foreclosures
Unlike Salem where the notice of defaults are dropping nicely, Silverton foreclosure notices are holding steady. Not a good thing for the health of the Silverton real estate market.
My opinion
I think Silverton is in for a bit more pain. Foreclosures haven’t decreased there which is keeping the distressed property funnel full. The fact is that distressed properties pull home prices down, so I would fully expect to see ongoing home price declines in Silverton for a while. I don’t think prices will plunge 20% mind you, but I do think with the large inventory of homes, 12.5 months as of today, on the market and ongoing foreclosure woes, Silverton has a ways to go before they are done correcting.
If you are wondering what kinds of properties are in foreclosure in Silverton, here they are in the slide show. Check it out and then see what other homes are for sale in Silverton.
P.S. All home sales and home price data was crunched from the WVMLS and all foreclosure data was crunched from information received from Fidelity National Title Co.
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