Real Estate Update: Market Levels Out as School Year Begins, Still Too Few at Low End Price Range
Over the last 90 days in Corvallis, the median sales price for a home was $571,195 which is slightly over the median list price of $550,000. Sales in the last three months included a high of $1,917,500 and a low of $265,000. Asking prices for houses currently on the market range from $3,399,999 to $325,000 for an average list price of $717,824. Over the last 90 days, 232 houses sold with 92 currently under contract and 56 houses active. This gives buyers just under a month’s worth of inventory available.
In Albany, the last 90 days have brought the median sales price up to $445,000 with a high sale at 1,295,000 and a low at $245,000. Asking prices for active listings in Albany range from $1,995,000 to $145,000 for an average asking price of $497,749. During the last three months, 237 houses have sold and 136 are pending. There are 102 active listings in Albany, leaving just under one-and-a-half month’s worth of inventory currently available.
In the last 90 days, Lebanon houses have been selling for a median price of $395,950 with a high sales price of $1,150,000 and a low sales price of $170,000. Asking prices for active Lebanon real estate range from $2,800,000 to $220,000 – a fairly significant spread with an average asking price of $665,384. During the last three months, 118 houses have sold and 36 houses are currently pending. There are currently 59 homes on the market in Lebanon for one-and-a-half month’s worth of inventory.
What our real estate expert, Samantha Alley, has to say about the market:
“Summer is on its way out and school is ready to start. This begins a short period of distraction from home buying as families get settled into new routines and systems for handling the school year. Typically, August is one of the largest closing months of the year right after July. Corvallis is especially affected by this as the students get settled, there was a 5% increase in closings from July to August in Corvallis this year. There is still a limited amount of inventory in all markets especially in the lower price ranges. Under $250,000 there were two houses available on September 1 in Albany, one in Lebanon and none in Corvallis. Under $350,000 is a little better with 13 in Albany, 16 in Lebanon and six in Corvallis.
“It is taking a little longer for offers to come in on properties and the frenzied bidding wars are leveling out as we start to return to a more normal market, reminiscent of 2019. If the house is priced right and prepared well, the home will sell; however the seller may see 1-4 bids rather than the 10+ we might have seen a year ago.”