The Real Estate Market is beginning to see some changes along with the change in season. In Albany, the average sales price increased yet again to $399,732.54 and up to $490,819.48 in Corvallis. Median home price increased again in Albany to $390,000, but in Corvallis it remained the same at $464,250. In Albany, average days on market is down once more to 60 days, and fell in Corvallis to 71 days.
In Lebanon over the last 90 days, the average home price rose again to $335,995.63, with the median sales price falling slightly to $321,000. Homes are spending an average of 53 days on the market in Lebanon.
The number of listings on the market rose to 33 listings active in the MLS in Albany, equaling slightly more than a quarter of a month of inventory. There are 59 active listings in Corvallis, up by 20 this month, but still only slightly more than half a month of inventory. In Lebanon there are currently 21 active listings, down to just over a half month’s inventory.
The above statistics were provided to The Advocate by Dave Pautsch of Remax. Pautsch hosts “Real Estate Talk on KGAL” every Saturday at 10am on KGAL. His interpretation of the market is as follows:
“There seems to be a general sense from industry professionals that inventory is on an increase. This is largely due to the season, as well as the opening up of business, and a shift away from the coronavirus fears that kept many people from listing. Who knows if this will continue? Further complicating this issue is the lumber pricing, having the effect of slowing down builder projects, but again there is a sense that prices could be coming down as we move forward. Interest rates remain low, buyer demand high, and there is a distinct churn in our market statistics where homes are hitting the market and being absorbed so quickly that, in many cases such as my weekly radio show, those new ‘Actives’ are never really picked up, as they go straight to ‘Contingent and Pending’ before the next week’s statistics are pulled. This gives an illusion of lower inventory than is actually the case.
“It always comes down to two questions though. Is now a good time to buy? Is it a good time to sell? The answer to both is probably yes, although with some caveats. Speaking to only the owner-occupied home buyers. If you find a home that you love, at a monthly payment that you can afford, it is a great time to buy. You have to live somewhere, and that comes with a cost.You can’t predict the future, and there is no way of knowing what the market will be on the day that you go to sell, so focus on the present and make your decision that way. As to selling? Well, it largely depends on what you want to do next. If your next step is to buy, then you need to go back to the point I just made regarding whether or not it’s a good time to buy. You very likely have equity. Homes are selling quickly and in many cases with multiple offers and over asking. But, giving yourself the best chance of that still requires preparing the home for sale, and pricing it for the market. With less than one month of inventory in almost every price category in the mid-Valley, the Seller’s market continues to roll.”
Check in next month to see where the market goes from here.