Last month, the Corvallis real estate market proved its resilience amidst shifting economic conditions. The Federal Reserve’s signal that a rate cut might be implemented in September initially led to a notable dip in mortgage interest rates, which dropped by nearly a full percentage point. This temporary relief sparked a burst of activity as buyers jumped at the chance to capitalize on lower borrowing costs. However, this drop was short-lived, with rates eventually rebounding to the mid-6% range. Despite this volatility, the market adapted quickly, reflecting its robustness and the continued strong interest from buyers.
Year-to-date numbers reveal some intriguing shifts in the Corvallis real estate market. As of July, the median sales price for homes in Corvallis stood at $549,500. This reflects a 3% decrease from June and a minor 0.001% change compared to the same time last year. The list-to-sale price ratio for 2024 is currently at 100%, compared to 102% for the same period in 2023.
Inventory levels in Corvallis remained relatively tight, with only 1.46 months of inventory available. Among the 93 active listings, 70 homes are currently under contract or pending sale. This suggests a highly competitive market where demand outpaces supply. Over the last 90 days, 166 homes were sold, indicating robust market activity and continued strong demand.
Looking ahead, the Corvallis real estate market is expected to maintain its stability. Buyers will need to consider creative financing options to navigate the current interest rate environment and gain an edge in the competitive market. Sellers should focus on pricing their homes competitively, thoroughly reviewing market comparables, and ensuring their properties are in optimal condition to attract buyers and maximize returns. Staying adaptable will be crucial for both buyers and sellers as they navigate this ever-evolving market. Despite the ongoing challenges, the Corvallis market remains strong, buoyed by persistent demand and a solid foundation.
Samantha Alley has 30 years of real estate experience and is a Principal Broker in the State of Oregon; she is a Team Leader and Office Advocate at REMAX/Integrity in Corvallis. She can be reached at sam@hometeamoregon.com
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