Real Estate Update: It’s Beginning to Look More Like Other Years
Over the last 90 days in Corvallis, the median sales price for a home was $551,000 including a high of $1,700,000 through a low of $251,100. Asking prices for active listings range from $3.399.999 to $330,000 leaving us with an average asking price of $758,826. During the last three months, 205 houses have sold and 56 of those are still pending. The average time on the market went from a low of 16 days to a high of 521 days. There are currently 58 active listings in Corvallis, leaving almost one month’s inventory currently available.
In Albany, the median sales price over the last 90 days was $427,000 with a high of $1,380,000 and a low of $130,000. Asking prices for active listings in Albany are ranging from $1,995,000 to $245,000 for an average asking price of $540,122. During the last three months, 241 houses have sold and 102 of those are still under contract. The houses have sold in anywhere from 17 to 234 days. With 95 active listings in Albany, there is just over one month’s worth of inventory currently available.
Lebanon houses have been selling for a median price of $365,000 with a high sales price of $974,249 and a low sales price of $208,625. Asking prices for active listings currently range from $2,800,000 to $190,000 for an average asking price of $562,174. During the last three months, 101 houses have sold with 32 of those are still pending. Houses in Lebanon have sold after between 23 and 252 days on the market. There are currently 70 homes on the market in Lebanon for slightly over two month’s worth of inventory.
What our real estate expert, Sam Alley, has to say about the market:
“It felt like a switch was flipped this last week as we entered the rainy season. The market is showing its normal seasonal change as we start to see a few more active listings on the market at one time. Albany increased in the number of sales over the last 90 days, while both Corvallis and Lebanon saw a decrease in the same number. Pending sales have decreased in all 3 markets, which is expected for this time of year.
“People tend to settle in for the holidays. When you add that natural tendency to the increases in interest rates, we are expecting to see a slowdown in sales for the winter. This is a great time for buyers who may not previously had much choice in the homes that were available to them, to get back into market and take a look around. It is still a strong sellers’ market with more buyer demand than inventory available, however we are certainly seeing a stabilization, that has done away with the frenzy of 2021.”