Salem Oregon Real Estate Market Conditions for June 2008

With the first 6 months of the year gone, I wanted to take a look at how the real estate market is looking so far this year.

For residential homes sales in Salem, Oregon...

The 180 day trend:

Median sold price: $204,912

Average sold price: $223,489

Average original list price: $228,756

% of listing price to sale price: 97.7%

Average DOM: 122

Listed vs. sold: 67%

The 90 day trend:

Median sold price: $209,950

Average sold price: $230,526

Average original list price: $236,489

% of listing price to sale price: 97.5 %

Average DOM: 117

Listed vs. sold: 55%

The 30 day trend:

Median sold price: $215,800

Average sold price: $232,470

Average original list price: $238,439

% of listing price to sale price: 97.5%

Average DOM: 125

Listed vs. sold: 44%

The percentage of list to sales price has gone up which means that sellers are pricing their homes where buyers are willing to buy. This past month some a few sales in the higher end homes as sellers cut prices in order to sell the homes. This action helped to spur an increase in the averages. The % of listed vs. sold home percentage drop is concerning. Typically more homes get listed in the spring, but you would expect more homes to sell to make up for that. If this trend continues, inventories will skyrocket as we head towards fall. Sellers are continuing to list, but there are not enough buyers to absorb the excess.