Linn-Benton Housing in a Churn, Prices Down in Corvallis, Houses Selling Fast
The Real Estate Market over the last 90 days seems to be settling in for the home-buying season. In Albany, the average sales price increased yet again over the last 90 days to $377,383 but it’s slightly down in Corvallis at $434,384. Median home price increased again to $366,487 in Albany, and dropped to $424,180 in Corvallis. In Albany, average days on market is up to 94 days, but dropped again in Corvallis to 78 days.
The number of listings on the market went up this month to 37 listings active in the MLS in Albany, equaling a little more than half a month of inventory, and up to 36 listings active in Corvallis, totaling just over one month of inventory.
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:
“The first is that this is the first update where the window of 90 days of closed sales is now within 2021…up until today, we were looking at a 90 day period that included the Christmas holiday, so I would expect going forward to see some marginal change in the numbers of sales. Keep in mind also that the sale numbers are dramatically influenced by the inventory available…and what while we DO have a low inventory, there is also considerable churn, where homes come onto the market and then almost immediately shift into the Pending or Contingent category…in some cases, coming almost directly from Preview status into that under contract situation. It’s incredible that in 90 days Albany saw 202 homes sold – but the current inventory is only 37; You would expect that number to be almost double in order to keep up with the sales, right? That’s what I’m referring to when I say “churn.” This is going to be an interesting year; with interest rates low, inventory low, but vaccines and hopefully a more open economy and better confidence we could start to see more inventory. Fingers crossed there.”
Check in next month to see where the market goes from here.