Salem Oregon Real Estate Market Stats through Dec – 2009

As we are heading to the end of Q1 of 2010 I think it would be good to look back at the last quarters real estate market statistics so we can see where this year is heading.  There are many very exciting things happing in our market especially if you are a buyer. 

First: Tax Credit –  This is a great opportunity for first time home buyers.  Filing married you will get an $8000 tax credit if you have your first home in escrow by April 30, 2010 and close no later than June 30, 2010.  Now there is a move up tax credit for folks selling their home and buying another one by April 30, 2010.  If you qualify you can earn up to $6500. 

Second: Cheap Money! It is amazing to me that week after week we are seeing interest rates below 5% and FHA rates right at 5%.  The FHA program will allow you to purchase a home under $309k with only 3.5%.  Unbelievable.

Third: Inventory (huge selection of homes) and market prices are down.  This to me is the Perfect Storm!

Take a look at these year end 2009 Stats:

Market Overview

Through December 2009

 In the month of December 2009, there were 701 new listings that came on the market and a total of 6176 listings available.  In the month of December 2008 there were 799 new listings that came on the market and a total of 6760 on the market.  That is an 8.64% decrease in listings available this year over last year at the same time.

 In December 2009, there were 596 closed sales. With that number of closed sales we have approximately 10.3 months of inventory on the market.

 Days on the market currently are:

Salem/Keizer:      140

Benton County:  136

Linn County:      140

Marion County:  152

Polk County        140

 Closed Sales in Units for the last six years:

Through the end of December 2004:  9894

Through the end of December 2005:  11,576

Through the end of December 2006:  10,587

Through the end of December 2007:  8899

Through the end of December 2008:  5954

Through the end of December 2009:  5869

 The percent of sales price to list price was 91.5% in Salem/Keizer, 92.5% in Linn County, 92.1% in Benton County, 89% in Marion County, and 91.3% in Polk County.

Average Sales Price comparing last year to this year:                            

Area                              December 08        December 09        %change

Salem/Keizer                 $224,533              $205,423                -8.6%

Benton County             $299,687              $273,932                -8.6%

Linn County                 $191,847              $176,117                -8.2%

Marion County             $231,951              $210,748                -9.2%

Polk County                  $222,252              $198,532                -10.7%

 Source:  Willamette Valley Multiple Listing Service