Portland Metro/Tigard Real Estate News

In this forum we will offer discussions on a wide variety of subjects, but focus on Portland Metro and real estate. Hopefully our insights and experiences will inform, educate, challenge and entertain our readers week after week.

Friday, November 16, 2007

No Slump in Salem Market!

SALEM, Oregon isn't the hippest town around but medium sized cities like Wenatchee, Washington and Provo-Orem, Utah still have quite active real estate markets. There are plenty of homes on the market and the prices haven't nose-dived like in much of the country. In fact housing prices are growing at double-digit rates according to a recent federal study.

Many of these towns are still showing population growth due to things like proximity to nature, main freeways and more major cities. Most of them were not even a part of the original housing boom so they didn't have any where to go but up. The Pacific Northwest in particular was slow to catch on to the extreme home appreciation which might be why it's not being hit as hard now.

"Fifteen out of 20 metropolitan areas with the highest rates of home appreciation in the country were in Washington, Idaho, Utah, Oregon, Colorado or New Mexico, according to the federal study, which looked at markets with at least 15,000 transactions over the last 10 years." Associated Press

Oregon itself had 10.77 percent growth in home prices while the whole country averaged only 0.5 percent. Salem alone reached 13.4 percent from the being of 2006 to the beginning of this year. The state capitol continues to see rising prices because it goes overlooked so there are still bargains to be found.

That's not to say that it can't or won't happen here too, we just won't be taking the brunt of the force. It's always best to be prepared because our market will be effected. If you have the resources and time to spare, now is the time to buy.

http://www.kgw.com/lifestyle/stories/kgw_071907_business_salem_housing.8f345382.html

Tigard Real Estate

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1 comment:

Sean Remington said...

That's awesome! How has business been for you personally? Steady, better or slightly worse? I'd say for me it has been the same or maybe slightly worse.