School is back in session so it's time for parents to relax. What could be more relaxing than reading real estate market condition reports. I mean forget massages, manicures, spa treatments...market condition reports are where it is at...
For residential homes sales in Salem, Oregon...
The 180 day trend:
Average sold price: $223,076
Average original list price: $228,752
% of listing price to sale price: 97.5%
% of listings to expire/terminate: 19.2%
Average DOM: 122
Listed vs. sold: 41.2%
The 90 day trend:
Average sold price: $227,232
Average original list price: $233,125
% of listing price to sale price: 97.5%
Average DOM: 125
Listed vs. sold: 40.3%
The 30 day trend:
Average sold price: $230,274
Average original list price: $237,660
% of listing price to sale price: 96.9%
Average DOM: 131
Listed vs. sold: 44.8%
Well the Salem market's numbers are holding fairly steady. The 30 day trend showed a slight bump in average sold price. Based on the individual homes sales, this appears to be due to some significant price drops in the $400,000+ home prices. There were some homes on the market for a long time, that builders and other sellers appeared to drop their prices in order to solicit the sale. These higher end homes have been stagnating on the local real estate market, and it appears some sellers were motivated to sell. It is also one of the reasons why the list to sale ratio dropped by 1% for the 30 day trend.
It's nice to see a slight increase in the list to sell ratio, but the market is still 15-20% off norm. This is an improvement over the 23-28% of months past. The market appears to be in a plateau at this point. Whether or not it can sustain the plateau with the excess inventory will only be told by time.
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