This month we are welcoming a new Real Estate insider to our team to bring you the Real Estate Market Update. Samantha Alley is the Principal Broker for The Home Team of RE/MAX Integrity. Samantha confirms that the competitive market that we have seen over the last month may very well continue through 2022. In Albany, the average sales price this month is up to $413,587 and up to $545,348 in Corvallis. Median home prices fell to $390,000 in Albany, and rose steeply in Corvallis to $490,235. In Albany, average days on market rose slightly to 63 days, and climbed in Corvallis to 102 days.
In Lebanon over the last 90 Days, the average home price rose to $391,291, with the median sales price rising to $349,900. Homes have spent an average of 74 days on the market in Lebanon over the last 90 days.
The number of listings on the market fell to 21 listings active in the MLS in Albany, which is under a half of a month of inventory. There are 47 active listings in Corvallis, for one and a quarter months of inventory. In Lebanon there are 19 active listings, equaling slightly more than half a month’s worth of inventory
The above statistics were provided to The Advocate by Samantha Alley of The Home Team for RE/MAX Integrity. Here’s what Samantha has to say about the current market.
“The new year is here and the number of houses that are available is very low. This limits the choices for buyers, making it difficult for them to choose from limited options. Last year there were many new construction listings that went under contract through-out the year. Many of these homes are still not completed. In Corvallis there are more houses under contract than have sold in the last three months. The number one question I am getting right now is: ‘Should I wait until the market drops to buy a home?’ The difference between our current market and the one in 2006 is inventory, at that time there was an abundance of inventory and a decreasing demand due to the lower number of first-time buyers. Today there is no buildup of new construction homes and there’s an abundance of first-time buyers that are coming into the market. Many millennials delayed their purchase of a home plus the next generation is starting to purchase. This creates a larger demand than we have seen in the past. The prediction for this year is a strong seller’s market with a competitive atmosphere for buyers through the coming year.”
Check in next month to see where the market goes from here.
By Kyra Young