2007 in Review
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1-5-08 2007 in Review
Salem has received national recognition as a value market, and even though our market is oversaturated like everyone elses, the MLS stats show a strong growth trend here, and this defies the national trend. Read the Forbes article on my web site regarding those pocket areas in the U.S. that are not as affected by the national slump, since they were not involved in over-speculation in 2004-2005. www.RealEstateSalem.com/forbes.htm
Look at these latest YTD stats from December 2007
Area of Salem__2006 Average Sales Price__Dec 2007 Average Price__% Increase
Area 50 - South _______$262,437_________$311,226 __________19%
Area 60-West _______$275,932 _________$294995 __________ 7%
Yes, there are price reductions in a saturated market. New construction prices affects averages, and overall prices. The average price of a new home in 2006 was $262,089. The average today is $331,203, up %26. Bottom line: even with price reductions, seller concessions, and longer days on the market, Salem is doing well and poised for a strong comeback when the national markets start to turn around. All real estate is local, and here in Salem, our local stats are looking good.
___________________________
1-5-08 2007 in Review
Salem has received national recognition as a value market, and even though our market is oversaturated like everyone elses, the MLS stats show a strong growth trend here, and this defies the national trend. Read the Forbes article on my web site regarding those pocket areas in the U.S. that are not as affected by the national slump, since they were not involved in over-speculation in 2004-2005. www.RealEstateSalem.com/forbes.htm
Look at these latest YTD stats from December 2007
Area of Salem__2006 Average Sales Price__Dec 2007 Average Price__% Increase
Area 50 - South _______$262,437_________$311,226 __________19%
Area 60-West _______$275,932 _________$294995 __________ 7%
Yes, there are price reductions in a saturated market. New construction prices affects averages, and overall prices. The average price of a new home in 2006 was $262,089. The average today is $331,203, up %26. Bottom line: even with price reductions, seller concessions, and longer days on the market, Salem is doing well and poised for a strong comeback when the national markets start to turn around. All real estate is local, and here in Salem, our local stats are looking good.
