Real Estate Market Takes a Breath After Months of Gasping
The Real Estate Market is experiencing a bit of a lull this month, across most categories. The average sales price is up to $403,246.62 in Albany and up to $49,4963.46 in Corvallis. Median home prices fell to $380,000.00 in Albany, and increased very slightly in Corvallis to $464,750. In Albany, average days on market fell to 51 days, as well as in Corvallis to 66 days.
In Lebanon over the last 90 days, the average home price is up to $338,467.69, with the median sales price up by quite a bit at $339,000. Homes are still spending an average of 53 days on the market in Lebanon.
The number of listings on the market rose again to 45 listings active in the MLS in Albany, equaling slightly under half of a month of inventory. There are 52 active listings in Corvallis, just over half a month of inventory. In Lebanon there are currently 23 active listings, still just over a half month’s inventory as well.
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:
“In general, if you compare the numbers from the end of July, things are generally flat. Overall, the consensus seems to be that the market is taking a little bit of a breath. This may be in large part due to the fact that ‘back to school’ is taking many people’s minds off of house hunting, or perhaps COVID concerns are still front and center, but I think it is more likely that there is a growing frustration on the part of buyers.
“I recently listed a home for $290,000 in Albany. I anticipated 20-plus showings over the weekend and multiple offers. Instead, I had four showings and no offers. In discussing this with a few of the agents in my office, one theory was that buyers are anticipating that everything will go for crazy amounts over asking, [and] that even though this home was in the most affordable price category, they were still sure that they would be over-bid, so they didn’t even bother.
“While it remains a solid seller’s market based on the inventory calculations, we are looking at a slight lull in activity, seeing more price reductions, and I would anticipate slightly longer days on market. Pricing a home correctly is a key to successfully marketing the home, and sellers need to understand that the market may be changing, and adjust their expectations accordingly.”
Check in next month to see where the market goes from here.