The Real Estate Market in Linn and Benton Counties has changed little this month, still hovering within a solid seller’s market. The average sales price decreased over the last 90 days to $340,969 in Albany and $429,137 in Corvallis. Median home price was $337,000 in Albany, down only $900 and $412,000 in Corvallis, down just shy of $3000. Homes are staying on the market less time in Albany with an average of 75 days, but longer in Corvallis at 91 days on market.
There are even fewer active listings on the market, contributing to the inventory issue. There are currently only 56 listings active in the MLS in Albany, equaling less than a month of inventory, and only 55 listings active in Corvallis.
“Low inventory remains the issue and the driving factor in the current Seller’s Market. In reality, it is not as much a function of inventory, but in how quickly the inventory is being turned over. For homes around the median price point and slightly above, multiple offers are the rule and not the exception. Interest rates remain at or near historic lows and buyers are actively looking for homes that meet their wants and needs; and in some cases are willing to settle to get into a home at an affordable price. It is a great period to be a Seller and I don’t expect there to be any significant slowing as we approach the holidays.
“Other than the shorter periods of daylight, which limit the opportunity to show homes into the evening hours, the Supply and Demand equation is going to keep this market steaming into 2021. While it is a great time to be a Seller, Buyers should keep in mind that there are still opportunities and owning a home is still possible. Get pre-approved, save money for your down payment and closing costs, and work with a real estate professional that you like and trust to help you navigate this market.”
Check in next month to see where the market goes from here.
By Kyra Young