The Real Estate Market in Linn and Benton Counties remains a definite seller’s market. The average sales price over the last 90 days was $343,933 in Albany and $435,442 in Corvallis. Median home price was $337,900 in Albany and $414,900 in Corvallis. Homes are staying on the market a little bit longer, with an average of 76 days on market in Albany and 88 days on market in Corvallis.
The problem for the real estate market remains low inventory. There are currently only 61 listings active in the MLS in Albany, equaling less than a month of inventory, and only 61 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:
“Low inventory (especially in key/affordable price ranges) and high buyer demand (due to low interest rates and the fact that it makes great economic sense to own a home) have made this a STEAM ROLLER of a Seller’s Market. Builders continue to build, but new construction inventory comes in at the upper price points, where the majority of buyers and especially first-time buyers, are shopping in a much lower price point. How long will this dynamic continue? I don’t see any changes happening in the short term and fully expect this market to continue well into 2021, barring any unforeseen financial meltdowns.”
Check in next month to see where the market goes from here.
By Kyra Young