The home truth snippet for Silverton: End of year 2016
- Median home price was up 8.5% t0 $275,000.
- Home sales were down 7.4%
- Days on the market decreased 11.9% to 81.
- Current inventory is 3.1 months
- Market favors: SellersLike other Salem cities, Silverton had a decrease in home sales due to lack of homes on the market. This lack of supply with the large demand caused prices to go up in Silverton.This data was crunched from data via the WVMLS and includes acreage and non-acreage properties.
The home truth snippet for 2014 over 2013
- Median home price up 7.7% to $235,000
- Home sales up 18.8%
- Days on the market decreased 11.7% to 128
- Current inventory 5.26 months
- Market favors: Neither buyers or sellers
Silverton has continued to have good market recovery that started in 2012. The previous year saw stagnant home sales, but this past year home sales picked up. I would expect Silverton to continue to have a good real estate market as the final lots are being built upon in Pioneer Village and selling. This indicates that the demand for Silverton homes has increased.
The home truth snippet for 2013 over 2012
- Median home price up 28.4% to $218,250
- Home sales flat at 1.5% increase over 2012
- Days on the market up 35.5% to 145 days
- Current inventory 8.6 months
- Market favors: Buyers
Silverton Home Truth Snippet for January-June 2012
- Home sales: Up 7.8%
- Median Home price: Down 10%
- Inventory: 7.2 months
- Foreclosures/short sales: 18% of sold homes
- Market favors: Buyers slightly
2010 Year End Report
I have to say I’m surprised. BUT I’ll take that!
Last year I predicted a 10% drop in home prices in Silverton Oregon as the supply and demand was so disconnected I really felt the downward pressure would be too great. Silverton real estate has some good news in that regard. The average home price corrected 5.3% downward, which is on par with Salem and the median home price went up 5.7%. Just to be clear the median home price is the price at which 50% of homes sold cost more than that, and 50% were less. It doesn’t mean homes appreciated, but it does mean that Silverton finally started to move some more expensive homes off their market, which had been sluggish.
The Silverton real estate market has even more good news. One of the things I didn’t anticipate when I made my 10% prediction was a 19.3% decrease in notice of defaults in Silverton. That’s right, the number of foreclosure notices served in Silverton Oregon went down by 19.3% when compared with 2009. This is a really, really good thing for the small Silverton market. The market is still slow, but this huge drop now means better things for the 2012 Silverton real estate market.
The only bad news for the real estate market in Silverton is the number of homes sold. 95 homes sold in 2010 which is down from 2009. Honestly though, I’m not sure that it isn’t too far off from what should be normal in Silverton. Silverton due to its size should really be selling about 110-120 homes a year or so there. So demand isn’t quite where it needs to be, but I think as prices continue to correct a bit more, say another 5% or so, and foreclosures go down, this will go a long way to correctly the Silverton imbalance. Data was crunched from information provided by the WVMLS and Fidelity National Title Company.