The Real Estate Market continues to hold in a sellers market, even amid speculations of shifts in the overall economy. In Albany, the average sales price increased over the last 90 days to $361,865 and is also up as well in Corvallis at $444,310. Median home price increased to $348,349 in Albany, and jumped to $430,000 in Corvallis. In Albany, average days on market is up to 90 days, but dropped to 85 days in Corvallis.
The number of listings on the market fell again this month, leaving only 26 listings active in the MLS in Albany, equaling far less than a month of inventory, and only 34 listings active in Corvallis.
“The question that many people are asking now has to do with whether or not we are in a housing ‘bubble’ and just waiting for a crash. I think conventional wisdom on that subject is ‘NO’ – we are not on the verge of a bubble. Yes, prices are continuing to rise and we are perhaps reaching a point where affordability is suffering, but the drivers of the real estate market remain the fundamentals of Supply and Demand. One lingering effect of the 2007 housing market crash is that we have never recovered in terms of inventory production and still remain millions of units short nationwide as a result. Combine that with continued strong buyer demand arising from low interest rates and the solid economy in the years prior to the ‘Pandemic,’ coupled with large savings rates during 2020 as a direct result of being unable to spend money on travel and leisure. Expect this market to continue into the end of 2021 for sure, and likely into 2022. Buyers should focus on two things: find a home that you love at a monthly payment that you can comfortably afford. If you are interested in buying or selling, find a real estate professional that you like and trust to help you navigate this crazy market.”
Check in next month to see where the market goes from here.
By Kyra Young