With the holiday season approaching, the local real estate market remains altogether unchanged. In Albany, the average sales price this month is up to $410,249.24, and in Corvallis it’s up to $507,742.52. Median home prices rose to $393,500 in Albany, in Corvallis to $485,567.50. In Albany, average days on market rose to 58 days, and went up slightly in Corvallis to 67 days.
In Lebanon over the last 90 Days, the average home price fell to $335,192.78, with the median sales price up only slightly to $339,439. Homes are still spending an average of 53 days on the market in Lebanon.
The number of listings on the market rose to 49 active in the MLS in Albany, which is just under a half of a month of inventory. There are 59 active listings in Corvallis, for three-quarters of a month of inventory. In Lebanon there are currently 31 active listings, creating close to 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:
“I wish I had some new perspective to add to my evaluation of the market…but it’s continuing on the same trajectory and there just isn’t a lot new to comment on. Interest rates are expected to remain low although they are creeping up and you might see them closer to 3.75 in the mid-term. Inventory is still tight…and most of the changes are kind of moderate looking ahead — at least for the near term. For the most part, the market we have is the market we will continue to have. There is some sense of buyer frustration, and I have some concerns that we are approaching an affordability threshold, which could cause prices to flatten. If nothing else, it should have an impact on pricing strategy for listing agents and sellers, as we are starting to see more price reductions. This is more a function of mis-pricing than any sense that values are dropping.
“Final point regarding the ‘seasonality’ of real estate and what can be expected during the upcoming holiday season. Some sellers will either delay listing or take their homes off the market and that does have an impact. The biggest reason that things slow down though is that the ability to look at homes after people get off work at 5 p.m. is more limited due to the fact that it’s dark.”
Check in next month to see where the market goes from here.
By Kyra Young
Do you have a story for The Advocate? Email editor@corvallisadvocate.com