This month in real estate has felt different to agents, due to the small number of homes on the market, leaving few options and high competition for buyers across Linn and Benton Counties. In Albany, the average sales price this month is up again to $424,304 but fell to $511,631 in Corvallis. Median home prices fell to $385,000 in Albany, as well as in Corvallis to $480,000. In Albany, average days on market fell by almost half to 37 days, and also fell in Corvallis to 35 days.
In Lebanon over the last 90 Days, the average home price fell slightly to $389,370, with the median sales price rising again to $370,000. Homes have spent an average of 45 days on the market in Lebanon over the last 90 days.
The number of listings on the market rose to 32 listings active in the MLS in Albany, which is a bit over a month of inventory. There are 25 active listings in Corvallis, for close to two months of inventory. In Lebanon there are 16 active listings, equaling about one and a half months of inventory. See the quote below for interpretations about the inventory over the last 90 days.
The above statistics were provided to The Advocate by Samantha Alley, Principal Broker of The Home Team for RE/MAX Integrity. Here’s what Samantha has to say about the current market.
“The last month felt strangely quiet, with a few buyers competing fiercely for the minimal number of houses that came on the market in January and February. If we only consider the months of inventory numbers, we might think that the inventory situation is resolving itself, as each market doubled their months of inventory. This is not true, when the statistical numbers get really small, they are easily skewed.
“Over the last 90 days we saw less homes sell each month due to the holidays. This is partially caused by buyers having their attention drawn toward family and celebrations. However, the main cause is that fewer people put their homes on the market in the winter, making it so there are a lot less homes available.
“When I compare what has been available and what is now available, the market is even tighter than months past. Most buyers want to look at more than one house, and they do not want to settle… so they wait, if they do not have enough to choose from. The pending sale numbers tell the true story, as there are many more homes under contract than are currently available or sold in the last three months.”
Check in next month to see where the market goes from here.
By Kyra Young
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