As you head out of downtown on high street you will see some carpet warehouse buildings off to the left. Head just a bit further and you will hit the Broadway revitalization area. My swan feature this month is the Salem Cinema.
I’m a fan of movies and one of those people that likes to see movies that would be shown at Sundance. As such, I was really excited to see a better venue for our independent movies here in Salem. The high street cinema is still there, but the new Salem Cinema is so nice!
Heading to Boon’s Treasury pre or post movie is such a nice treat, or just walk across the street and hit Christo’s for some pizza. While there is still lots of work to be done is this area, this is a really nice addition that almost gives Salem an upscale feeling, even if it only lasts while you are in the theater.
So…for movie lovers looking to move to the Salem Oregon area, we have our regular theaters, and don’t forget to pay a visit to the new Salem Cinema.
So Stayton…
Honestly, better, but not good.
Aumsville ended the year at an average home price of $206,542 and a median home price of $209,500. That average home price was a 1.5% INCREASE (I’m writing it in all caps, because it is the first time I get to write it) over 2008. The median, however, is down 5.2%. The cause of this is due to the newer JDC subdivision in Aumsville, Highberger Meadows. Several homes sold there, which are generally more expensive than Aumsville homes typically are. The median which is the number where 50% are higher and 50% are lower is a bit more accurate for smaller towns since it swings less due to a high priced home selling.
Monmouth ended the year at an average home price of $180,887 and a median home price of $181,500 Monmouth home prices are about 11% higher than Independence and I think it shows in their year end numbers. Monmouth has an 8.6 month inventory which is higher than Independence.
the number of homes listed going down, it just wasn’t enough.
The average and median home prices in Independence have always been almost exactly the same. Independence ended the year at an average home price of $162, 874 and a median home price of $162, 000. Compare that with some of the other metro towns and you can see that Independence is more affordable than some of the other Salem cities.
Couple the drop in home prices with a 12% decrease in homes listed AND a 16% increase in homes sold over 2008, and what you get is a supply and demand imbalance…corrected. At least for now. Right now, the data is indicating a nice healthy, normal, real estate market. Now remember normal doesn’t mean a sellers market or a buyer’s market. It means “let’s be reasonable” market. Both sides need to put their sharkish “blood in the water” ways aside for a while.
This chart shows notice of defaults that were served in Dallas Oregon in 2009, according to Fidelity National Title Co.
In 2009, the listed vs. sold percentage was 50.8%. This was a nice improvement over 2008’s 37.7% but still off from the early part of the decades 65%. Going in the right direction…yes, but things still have a ways to go. I don’t think this is a surprise to anyone that reads a newspaper or watches the news. Real estate is just going to take a bit to recover, like the economy. It was nice to see fewer listings hitting the market this year than last year in Dallas. While 14% less homes were listed in 2009 over 2008, that number really needs to get down another 15-20% to correct the supply and demand problem. So either home sales need to come up or the number of homes listed has to come down. Personally I don’t see home sales going up a whole lot more next year so the correction will need to come on the supply end. In other words don’t list your house if you don’t have to sell.
Obviously they went down. It will be an earth shattering moment when I get to say that home prices went up. So the average home price dropped 8.7% to $191,874 from 2008, and the median shifted downward 4.1% to $185,000. I have to say I’m surprised that the drop wasn’t greater, but I think there is still a bit of denial on the state of the real estate market in Dallas. Based on the supply and demand problem, large inventory, lending difficulties, and oh yes…our ongoing unemployment rate, I would expect Dallas home prices to correct another 5 maybe 10% over 2010.
Silverton Oregon Foreclosure Rates
The biggest issue with the Silverton market has been the complete disconnect between supply and demand. In the early part of the decade about 65% of homes listed sold. 2008 was a dismal year in Silverton as only 29.7% of homes listed sold. 2009 started the year with insane inventory in Silverton and the fact that inventory is at 13 months right now, is a great step for this small market.
out of whack in this small town, unemployment and foreclosures are rising, lending is getting more difficult, and inventory is just too high. Unfortunately for folks living in Silverton home prices just have to come down more to get in the ballpark for more home buyers. I would really encourage folks living in Silverton to not “try” the real estate market there. If you don’t have to sell and want to wait for “top dollar” this is not the market to do so, unless you have something extra special about your property. Either you are in the market, or not. With the average days on the market jumping 30% from 2008 to 173 days (5.7 months), selling a home in Silverton is starting to become a marathon. You gotta have the stamina to sell it out there.



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