Salem Oregon Real Estate Market Update and News Through May 2008

Market Overview MLS STATS Through March 2008

In the month of March 2008, there were 1609 new listings that came on the market and a total of 7111 listings available.  In the month of March 2007 there were 1664 new listings that came on the market and a total of 4832 on the market.  That is a 32% increase in listings available this year over last year at the same time.

In March 2008, there were 541 closed sales.
With that number of closed sales we have approximately 13 months of inventory on the market.

Days on the market currently are:
Salem/Keizer:      125
Benton County:   140
Linn County:        169
Marion County:   140
Polk County        136
Days on the market have increased quite a bit over last year.

Closed Sales in Units for the last six years:
Through the end of March 2003:  1841
Through the end of March 2004:  1846
Through the end of March 2005:   2384
Through the end of March 2006:   2454
Through the end of March 2007:  2036
Through the end of March 2008:  1342

Average Sales Price by area comparing last year to the same time this year.  In Salem/Keizer all areas, except 20 decreased.  The overall percent of sale price to list price is 94%.
                                                                  
Area                              March 07   March 08   %change
Salem/Keizer                 $239,372    $215,422       -10%
Benton County              $306,557    $303,278        -1%
Linn County                  $194,920    $195,457        +1%      
Marion County             $249,100    $247,338        -1%
Polk County                  $232,396    $213,326        -8%
Source:  Willamette Valley Multiple Listing Service

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David L. Brown, Associate Broker

1220 20th St SE Salem, Oregon 97302 (503) 371-3013