Salem Oregon Real Estate Market Update: Oct 2009

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Real Estate Agent with Tomson Burnham, llc Licensed in the State of Oregon

So do you want the good news, the good news, or the good news first...

You pick the good news? Cool.

It's no secret to Salem Oregon real estate agents that October was busy. We all had to figure out how to get out of pajamas and actually write contracts last month.

 

The good news...median home price was down (I know I'm weird that I think that is good news)

The good news...Salem Oregon homes sales were up 31% over last October

The good news...the current home inventory as I write is 6.1 months for Salem Oregon.

 Read more about the current real estate market conditions in Salem Oregon.

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Location:
Oregon Marion County Salem
Groups:
Moving to Oregon
Tags:
salem oregon
real estate
inventory
median home price

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Ambassador
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Melina,

As far as I understand 6 months inventory is considered "healthy", so you are pretty close to normal (stabilized) market. Of course, a 31% drop in prices does not support the stabilization idea. It  is  tricky

Nov 14, 2009 10:19 PM #1
Rainmaker
256,008
Melina Tomson
Tomson Burnham, llc Licensed in the State of Oregon - Salem, OR
Principal Broker/Owner, M.S.

Yes Jon 5-6 months is that normal market inventory I think.  So we've got that going on.  We'll have to see how long it holds for AND what happens when the credits end.

Nov 14, 2009 10:33 PM #2
Rainer
16,145
Sean Keene
Keller Williams - Salem, OR
Realtor - Salem/Keizer

I like the sounds of all those numbers. Things do seem to be picking up, but I think the tax credit helped so we will see when that runs out mid year. Thanks for the info, great as always Melina.

Nov 16, 2009 10:42 AM #3
Rainmaker
311,149
Karen Pierce
Karen Pierce | Housing Counselor |Oregon - Medford, OR

Hi Melina - Those ARE some good numbers. Nothing wrong with a lower median if the correction needed to take place to coincide with area incomes.

Nov 16, 2009 12:46 PM #4
Rainer
30,121
Art Marine
Academy Mortgage - Portland, OR

That is fantastic news!  Thanks

Nov 18, 2009 04:40 PM #5
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Melina Tomson

Principal Broker/Owner, M.S.
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