Warning: Real estate market reports may be dull and boring. Read my October 2008 Market Report for Salem Metro Area in Oregon at your own risk...

Catchy title huh...I worked really hard coming up with that one.

Market Reports.

Dry? Boring? Great reading for insomniacs?

Well...Rich Jacobson loves them. Rich suggested in the comment of a post somewhere that we only post market reports on Active Rain because he loves them so much (okay I added this last part).

...he was joking for those of you that don't joke...

But I just wanted to dedicate this market report to Rich. I just wanted to make sure he got his needed fix of market report data on Active Rain, at least for today. I'm sure other members can help him out for those other days...

So without further ado...

Salem:

30 day absorption rate: 157
Inventory: 10.0 months
Average Price: $202,279
Average DOM: 126


Salem's inventory declined a little bit from last month's 12 month inventory. Considering the average sales price dropped by 12% since August, it appears that buyers saw more reasonable pricing from sellers.

Keizer:

30 day absorption rate: 29
Inventory: 7.7 months
Average Price: $226,148
Average DOM: 107


Keizer still hovers just above that neutral market goal. While still in a buyer's market, it is a small advantage. Keizer is working its way towards normal. Keizer still continues to "hold its own" this year.



Silverton:

30 day absorption rate: 5
Inventory: 23 months
Average Price: $239,580
Average DOM: 79


Well...Silverton inventories were starting to come down nicely. A rash of listing in the past two months have sent Silverton inventories up. I'd blame it on the builders but of the 30 homes listed in the past 60 days, only 3 were new construction. Silverton inventories were back up to where they were in January of 2008.

Aumsville:

30 day absorption rate: 4
Inventory: 8.25 months
Average Price: $193,200
Average DOM: 117


Aumsville inventories continue to run in the buyer's market side of things, but they are holding steady. The market isn't showing the impact of the credit markets like Stayton, but homes tend to be more affordable in Aumsville anyway.

Stayton:

30 day absorption rate: 1
Inventory: 70 months
Average Price: $162,500
Average DOM: 144



I don't think there is any town that felt the credit melt down more than Stayton. I am sure the current inventory and lack of sales last month won't last, but yuck! How is that for analysis?Currently 25% of the Stayton market is newer (2007-2008 built) homes. Stayton has been the most volatile of the metro cities in terms of the real estate inventory and continues to hold that designation. That's a Melina Tomson appointed designation by the way...nothing official.



Jefferson:

30 day absorption rate: 1
Inventory: 29 months
Average Price: $199,900
Average DOM: 179


Jefferson inventories continue to fluctuate wildly. We'll just have to wait and see how the numbers look like over a longer time frame to see if there is really any stabilization out there.

Turner:

30 day absorption rate: 0
Inventory: 22 months
Average Price: 0
Average DOM: 0


Nothing sold in Turner last month. Like Stayton, Turner had a lot of homes listed in the past couple of months with few sales. Turner is such a small town with only 22 homes on the current market. It is not unusual for huge fluctuations in their market data as a result.

Monmouth:

30 day absorption rate: 6
Inventory: 7.8 months
Average Price: $177,983
Average DOM: 56



Monmouth has had fairly good inventory numbers with a couple of spikes this year, but overall a fairly stable market. Homes prices continue to be affordable and those DOM's are impressive for the sold homes.

Independence:
30 day absorption rate: 6
Inventory: 9.7 months
Average Price: $160,300
Average DOM: 132


The Independence market seems to be continuing to have mild and very normal fluctuations in its inventories. The average price has come down and this market appears to be stable on the buyers side for right now.






Dallas:

30 day absorption rate: 10
Inventory: 17.2 months
Average Price: $191,323
Average DOM: 131


Dallas inventories have really increased in recent months. 22% of the homes on the Dallas market were built just in 2008. There is a serious oversupply of new homes in Dallas right now. It will take several months for the market to correct itself here. The volatility of the market in Dallas continues.



Some home prices are continuing to have mild declines in the Salem Metro area right now. For buyers contemplating diving into the market, talk to a mortgage broker to run your credit, then get a cup of coffee, do some jumping jacks or something to wake yourself up after reading this report. Then give me a call and I'm happy to help you sort through all of this.