Home Prices Decline, So Does Selection

The Real Estate Market in Linn and Benton Counties continues to sit within a strong seller’s market. In Albany, the average sales price decreased over the last 90 days to $337,619 and to $419,782 in Corvallis. Median home price was down $6,000 to $330,640 in Albany, and down a whopping $57,100 to $354,900 in Corvallis. Homes are staying on the market for even less time in Albany with an average of 73 days on market, but stayed the same in Corvallis at 91 days.  

There continue to be fewer active listings on the market, as there are currently only 36 listings active in the MLS in Albany, equaling far less than a month of inventory, and only 43 listings active in Corvallis.  

The above statistics were provided to The Advocate by Dave Pautsch of Remax. Pautsch hosts “Real Estate Talk on KGAL” every Saturday at 10 a.m. on KGAL. His interpretation of the market is as follows:  

“As we are in the midst of the holiday season, the inventory problem is even more challenging with many sellers taking their homes off the market. This is literally the lowest inventory level I have ever seen in Albany with just 36 active listings. Part of the issue continues to be the churn of inventory, i.e., homes going almost directly from Active to Under contract. Interest rates remain in the low 2% range keeping buyers interested, and low inventory is continuing to drive competition, multiple offers and higher prices. The challenge going forward may be whether or not appraisals will keep pace with the rising market.”  

Check in next month to see where the market goes from here.  

By Kyra Young