In April, the Corvallis real estate market displayed notable resilience amidst a backdrop of economic uncertainties and challenges. The unexpected change in the Federal Reserve’s stance on lowering the fed rate caused an upsurge in mortgage interest rates, adding to the complexity of the market landscape. The increase spurred a surge in buyer activity as those who had been waiting decided it was time to move forward. This surprising development was welcomed by the local real estate community.
Year-to-date numbers through April reveal significant shifts in the Corvallis real estate market. The median sales price for homes in Corvallis stood at $550,000, reflecting a 4.5% increase over the same period last year and a 3.0% increase over March. Moreover, the list-to-sale price ratio for 2024 is reported at 100.5% for homes on less than an acre, marking a slight decrease from 2023’s 110.5%.
In larger markets, looking at month-to-month sales can be useful, but in a smaller market like Corvallis, one or two anomalously high or low sale prices can have an outsized impact on the median. For instance, the Corvallis median home sale price was $575,000 in April, but only $555,000 in March, at 45 and 43 monthly sales respectively.
Inventory levels in Corvallis remained relatively stable, with a total of 1.69 months of inventory available. Among the active listings, there were 70 properties, with 83 homes under contract or pending sale. This figure suggests a balanced market where demand and supply are closely aligned. The market saw active engagement, with a significant number of properties under contract or pending sale. In the last 90 days, a total of 124 homes were sold, indicating strong activity within the market.
Looking ahead, the future of the Corvallis real estate market appears promising. While current conditions indicate a resilient market, buyers will need to explore unique financing options to reduce rates in the short term, getting ahead of the competition for small pools of available homes. Sellers will need to price to the comparables, consider all the factors when looking at these comparisons, and prepare their property for market with an eye toward condition in order to maximize their net. Continued vigilance and adaptability will be key for both buyers and sellers navigating this evolving landscape. Despite challenges, the Corvallis real estate market remains resilient, driven by strong 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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