A new report on greater Salem area home values is now available. Covering much of the mid-Willamette Valley, it shows a dip in prices and an increase in properties for sale.
The above RMLS graph documents the recent downturn in Salem area home prices. This correlates with a roughly 25% increase in housing inventory in the second chart below.
Inventory Jump Explains Latest Price Drop
The easiest explanation for the recent price drop is a jump in home inventory. As a larger number of sellers compete for buyers, downward pressure is placed on home prices. The good news is that even with a recent decline in home values, our market is still up for the year. The average sales price for the first nine months of the year is $188,300, up 10.6% from the same time in 2012.
The new report covers Marion and Polk Counties, with specific information on…
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