June 2016 Real Estate Market Update

Crazy days in Salem!

Lots going in Salem this time of year.  Weather is heating up, the River Rock Concert Series is in full swing and the selling season is among us.  As everyone knows pretty much the entire country is in a hot sellers market.  Portland is crazy with I believe less than with homes being on the market for less than 30 days.   Our market isn’t that crazy but in some price ranges we are seeing multiple offers, bidding wars and escalation clauses. (Those are a lot of fun to deal with)

Augusta National-3

The Stats!

I think the biggest piece of data that is running this market is our current level of inventory.  Last year at this time I believe our inventory was 10 to 15% off from the year before.  This year we have 22% less inventory than we did in June of 2015.

The result of the lack of inventory is putting a lot of pressure on buyers.  Buyers are having a really tough time in many price ranges.  Finding homes that are not pending already in a day or finding the perfect home writing an offer over the listing price and not winning the bid.  It’s really tough right now for some buyers.

The other interesting statistic is that our days on market have dropped to 87 days.  Meaning from the day your home hits the WVMLS  to the day you get your funds and the buyer gets the keys to their new home is taking an average of 87 days.  Like I mentioned Portland days on market is under a month.

We currently have 2.8 months of inventory.  Which means if there are no more homes listed we would have no available homes to sell in less than 3 months.

Now is a great time to put your home on the market.  If you would like to know your homes current market value we are happy to do that for you know charge.  Email us through the form below or give us a call at 503-945-0234.

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