With every December comes the slowing of the Real Estate Market, and we are once again seeing this trend continue. In Albany, the average sales price this month is up again to $418,190.07 and slightly increased to $508,252.00 in Corvallis. Median home prices rose to $395,815.50 in Albany, and in Corvallis to $497,000. In Albany, average days on market rose yet again to 61 days, and increased by 1 day in Corvallis to 68 days.
In Lebanon over the last 90 Days, the average home price fell again to $330,806.44, with the median sales price falling to $336,199.50. Homes have spent an average of 73 days on the market in Lebanon over the last 90 days.
The number of listings on the market fell to 28 listings active in the MLS in Albany, which is just over a quarter of a month of inventory. There are 52 active listings in Corvallis, for close to a month of inventory. In Lebanon, there are currently 27 active listings, three-quarters of 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:
“As we head into December, there is a traditional slowing of the market. I had a client ask me last week if I thought that the listing inventory was going to start picking up. My response was that it would, but in fits and starts. Between now and New Year’s, it is really pretty much just those sellers who have a more pressing need to sell that will be listing. Others who are considering selling will likely wait until after the ‘holidays.’
“I’ve often espoused that this ‘real estate holiday season’ ends after Super Bowl Sunday, because that is when people are really putting the holidays in the rearview mirror and starting to focus on what’s ahead. Both Lebanon and Corvallis in our area seem to have an increase in the Months of Inventory ratio, much closer to one month than we’ve seen in the past year or so. Some of that is a reflection of a slow-down in actual closed sales over the Thanksgiving week.
“In the broadest sense, the market is expected to continue on this path for the near term. Interest rates are likely to rise, and are currently very volatile due to the economic issues in play right now. Recent increases in loan limits are an attempt to adjust to the rising prices, which is a good thing for many buyers. Affordability is the word I expect to hear the most going forward.”
By Kyra Young
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