Over the last 90 days in Corvallis, the median sales price for a home was $540,875 which included a high of $1,917,500 and a low of $52,500. Asking prices for houses available range from $1,875,000 to $330,000 with the average asking price of $652,163. During the last three months, 208 houses have sold and 131 of those are still pending. There are currently 66 active listings in Corvallis, leaving almost one month’s inventory currently available.
In Albany, the median sales price has been $420,250 with a high of $1,090,000 and a low of $163,000. Asking prices for active listings in Albany ranged from $2,095,000 to $197,000 for an average asking price of $459,950. During the last three months, 272 houses have sold and 136 of those are still pending. There are 62 active listings in Albany, leaving just over one-half of a month’s worth of inventory currently available.
Lebanon houses have been selling for a median price of $377,000 with a high sales price of $1,150,000 and a low sales price of $191,000. Asking prices for active Lebanon real estate range from $1,875,000 to $225,000 for an average asking price of $579,423. During the last three months, 123 houses have sold and 66 of those are still pending. There are currently 52 homes on the market in Lebanon for just shy of one-and-a-half month’s worth of inventory.
What our real estate expert, Sam Alley, has to say about the market:
“Opportunity is knocking for Buyers that have been waiting for a little more selection. As sellers put their houses on for that summer sale, buyers are finding more options to choose from, many are interpreting the extra inventory as a market that is declining. The numbers say not true: In Corvallis there was a 10% increase in closed residential properties, Albany was at a 15% increase, while Lebanon saw a small decrease of 2.4% over the last month, 126 closing down to 123.
“Interest rates jumped into the high 5s and low 6s depending on the program. This has slowed the frenzy but has not halted the demand or the increases in value. I am still seeing multiple offers on most properties, just not as many. The number of inspection waivers has decreased. I believe this market is starting to normalize to pre-Covid intensity. It is still an excellent time to sell and now buyers are able to find a home that may meet their needs, however the monthly cost has gone up with the interest rates and the increases in values.”
By Sally K Lehman
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