Average market prices for acreage homes appear to be stabilizing or even increasing in some areas. If you have been waiting for the bottom of the market, you might have waited too long! Great news for sellers, so-so news for buyers.
For properties around Salem and Keizer, sellers saw a fast sale in May with an average Days on Market of just 85 days-that is fast! However, they are still negotiating to get to escrow, seeing an average of 92% of the asking price. For properties in Marion County, they took a bit longer to sell on average-130 days-but saw 97% of the asking price. We are also seeing more high-end property being added to the inventory of listings for this area. For Polk County, buyers are paying 100% of the asking price on average, and sellers are seeing their equity checks in about 232 days after closing in escrow. The average sold price for property in Polk county was $365,000 for the month of May, compared to $239,110 in April! Similar data is seen in Linn County, $373,787 for the average sold price in May, which is 95% of the asking price and it took an average of 170 days to sell.
What does this mean for buyers of acreage property in the Willamette Valley? Prices are rebounding from the last couple of years, sellers are getting close to their asking price and if you still want to take advantage of the market dip, you better hurry before it is gone! Start your search for horse-friendly property here.