While the Real Estate Market in Linn and Benton Counties are still in a strong seller’s market, there have been some small movements in a direction that would suggest bringing some balance to the market.
In Albany, the average sales price increased over the last 90 days to $346,693 and $420,587 in Corvallis. Median home price increased substantially to $338,950 in Albany, and $401,000 in Corvallis. Homes are staying on the market a little longer in Albany with an average of 80 days on market, and 96 days in Corvallis.
The number of listings on the market remain incredibly low — there are currently only 38 listings active in the MLS in Albany, equaling far less than a month of inventory, and only 37 listings active in Corvallis.
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:
“2021 is going to be an interesting year to be sure when it comes to the housing market. The big pieces from the past 3 or 4 years are unlikely to change. We are still going to be plagued with low inventory. While, at the same time the expectation is that the economic situation will continue to get better, especially with the arrival and implementation of the vaccines there is every hope that we will continue an economic recovery, people will go back to work…and interest rates are likely to remain generally low.
I think in the broadest of terms we can expect to see from 2021 what we have seen for the last few years; rising prices largely due to multiple offers, and a continuing strong Seller’s market. I temper this a little bit, as I do have some concerns that we are reaching a critical point when it comes to affordability.”
Check in next month to see where the market goes from here!
By Kyra Young
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