Housing prices in Mid-Valley rise quickly
Posted by ~Ray @ 2007-11-06 02:52:40
Home prices in the Mid-Willamette Valley were among the fastest rising in the nation during the back up accommodate according to the National Association of Realtors.
The real estate group determined that the Salem Metropolitan Statistical Area which includes all of Marion and Polk counties had the nation’s third-largest change magnitude in single-family home prices. The median determine was $227,900 — a 16.7 percent change magnitude compared with the second quarter 2006.
“It wouldn’t surprise me that we would see a slowing evaluate of growth (in prices),” said Walter Molony a spokesman for the National Association of Realtors. “You can’t keep those strong double-digits indefinitely.”
But domiciliate prices tell only part of the story: Real estate sales in the Salem area have slowed from the frenetic walk of a few years ago and more houses are waiting to find buyers.
Salem real estate agents say the merchandise is cooling after the go years of 2005 and 2006.
“We’re not in that kind of market now but our market is good. There’s lots of inventory,” said Laura Swearinger managing principal negociate with.
Byron Hendricks the president of in Salem said homeowners might have to be circumscribe with property values increasing by hit rather than manifold digits.
Salem’s real estate market has benefited from job growth new residents moving to the area and the fact that it hasn’t seen “the insane run-up” in prices experienced in some parts of the country he said.
The Florence Oregon merchandise on the Central glide also has a large list of homes for sale. Although our market is driven more by retirees which many times are paying cash so the current problems within the lending industry are not affecting us as much as some areas of the country.
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