Right now we are seeing the lower holiday market volume push up against amazingly low interest rates and falling home prices, as well as longer days on the market. The unusually dry weather and lack of a smoke season this fall has also made it more amicable weather for house hunting, and the result is a confluence that is making buyers happy and encouraging more sellers to list. 

Compared to last year, days on the market is up nearly 12 percent from 3 months even in 2018 to 3.37, while inventory is down 2 percent  from 3,169 to 3,124. Real estate sales are down one percent, completely swallowing the not quite 1 percent gains in 2018. Trends are starting to emerge showing a distinct peak in 2015, with sales slowing ever since. Closed sales for this month are right on track with 2018, with new listings slightly down from this time last year. 

What Do Buyers and Sellers Need to Know?

Buyers are being rewarded for being patient as we see more “Price Reduced” signs pop up even in the most desirable areas. If you’re not crunched for time like many buyers are sellers this time of year, you’ll have your pick of inventory and can likely get away with offering under list and even with some contingencies at higher price points. Lower to mid-price points remain competitive. Currently, we are seeing some properties linger for two weeks or more in mid-to upper price points, so if you’re feeling lucky, watch and wait for a price reduction, or if you’re feeling brave, build it in to an early offer. 

Sellers should note the importance of being right on the money and not aspirational with their price point, this time of the year especially. Staging and curb appeal are key to make your home stand out. Even winter yards can be standouts, and don’t forget to include some spring or summer beauty shots in your home photos. As always, Oregon buyers love to hear about bulbs, fruit trees and raised garden beds, so be specific when it comes to your yard, and don’t forget to paint the whole picture so the buyer can see it in full bloom. 

Key Salem Housing Market Statistics

Here are a few other key stats from the Willamette Valley Multiple Listing Service housing report for October 2019: 

 Average Price for Single-Family Home Salem – $321,425

Average Number of Days on the Market Salem – 76

Average Price for Single-Family Home Keizer - $326,781

Average Number of Days on the Market Willamette Valley– 77

Single-Family Homes Sold Willamette Valley – 974

Total Dollar Volume of Homes Sold in Willamette Valley -- $3,082,413,063

Months of Housing Inventory Available in Willamette Valley – 3.37

Total Pending Sales Willamette Valley – 1,502

Active Listings Willamette Valley – 3,124

Active Listings Salem – 554

Active Listings Keizer – 83