Steamroller Sellers Market Keeps Steaming, Lebanon Might be Answer
The Real Estate Market over the last 90 days continues with the overall trend of being an overwhelming seller’s market. In Albany, the average sales price increased over the last 90 days to $379,814 and it’s up to $436,208 in Corvallis. Median home price increased in Albany to $371,188, and fell in Corvallis to $420,000. In Albany, average days on market is down to 86 days, but once more fell in Corvallis to 67 days.
In Lebanon over the last 90 Days, the average home price is lower than in either Corvallis or Albany at $302,453. The median sales price there is $297,500, with homes spending an average of 60 days on the market.
The number of listings on the market fell this month to 30 listings active in the MLS in Albany, equaling less than half a month of inventory, and 25 active listings in Corvallis, leaving just under one month of inventory. In Lebanon there are currently 18 active listings, which is also just under a month’s worth 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:
“Not much new to really comment on here. The steamroller Seller’s market continues; it is getting more and more challenging for buyers. I had lunch with a very good lending partner of mine and she confirmed that there is a lot of frustration on the part of buyers when it comes to this. Anyone who needs any kind of a seller concession is basically out of luck at this point. It is getting more and more challenging to get a VA or FHA loan accepted in the face of cash and conventionally financed, large down payment offers. It is competitive and that makes it very hard for any offers with even the slightest flaws when it comes to financing. When it comes to supply and demand, there is little to be done about supply (inventory), but the question is whether or not we will see the demand side impacted as buyers may decide to leave the market.”
Check in next month to see where the market goes from here.