This month we are seeing evidence that we could be leaving a housing sales peak for the first time since 2006. Number of properties sold were down 1.51 percent for the first time since 2011, and homes sales haven’t been this low in November since 2015. Could the much talked-about recession finally be here? 

It’s hard to say, and even if this it, you’ll hardly hear homebuyers complain. Prices are still on the rise and interest rates are low, so that’s a huge motivating factor for sellers, plus, for the individual seller, having fewer homes on the market is a benefit. Having fewer buyers out is also great for prospective home buyers, and may encourage looking among those who are simply curious about the market. 

Home are staying on the market longer at 4.3 months. It’s still hardly a balanced market, but home buyers will get a chance to breathe while home sellers can still look to moving properties fairly swiftly. 

What Do Buyers and Sellers Need to Know?

Home buyers should be aware that inventory is low going into the selling season, but conventional wisdom is to list early and beat the rush in March, so even if you don’t see a lot out there, keep an eye out for early season listings. Savvy shoppers can also relax their search settings a little, as you’ll see more properties on the market for more than two weeks that aren’t total renos. 

Sellers need to come to market on point. The MLS is cracking down on pocket listings, or “coming soon,” listings, so be prepared to go to market ready to go and be ready to endure some showings. Don’t panic if you’re on the market for a few days before you hear anything, and ask your Realtor for feedback following every showing. Buyers have the luxury of shopping around, so take the time to do the little things to get your in top shape and listen to your agent’s feedback without taking it personally. 

Key Salem Housing Market Statistics

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

 Average Price for Single-Family Home Salem – $324,437

Average Number of Days on the Market Salem – 77

Average Price for Single-Family Home Keizer - $325,909

Average Number of Days on the Market Willamette Valley– 80

Single-Family Homes Sold Willamette Valley – 839

Total Dollar Volume of Homes Sold in Willamette Valley -- $3,378,741,750

Months of Housing Inventory Available in Willamette Valley – 4.3 

Total Pending Sales Willamette Valley – 1,427

Active Listings Willamette Valley – 2,888

Active Listings Salem – 504

Active Listings Keizer – 85