2008 Willamette Valley Real Estate At A Glance

With so much media attention on the economy and real estate markets in 2008 I am asked daily by clients what the current home values are in the Willamette Valley.  As a loan officer real estate values play a very important role in opportunity to work with a client, regardless of whether it is a purchase or refinance.  I do my best to use available resources on each and every inquiry and conversation I have with a client.  We've all heard the doom and gloom of what the media has to say about the real estate market in the U.S., but it's very important to focus on the Willamette Valley when we're talking about our own homes.

Home values in the Salem/Keizer and surrounding areas did see some decline in home sales prices in 2008, but if we look at the big picture, we have to be thankful for where we stand.  The majority of the country has experience even greater declines in value.  I have included the statistics from Willamette Valley Multiple Listing's December year-end report.  West Salem and South Salem had the largest decline in average sales price in 2008.  With so much new construction in the last three years those neighborhoods still have a substantial amount of new homes listed for sale therefore making it a great opportunity for those looking to purchase.  Keizer showed a small percentage of appreciate in 2008, mainly due to the law of supply and demand.