Real estate market: the holiday crisis masks the tightening of the market
Real estate this month has been different for agents, with few homes on the market, leaving few options and stiff competition for buyers in Linn and Benton counties. In Albany, the average sale price this month rose again to $424,304 but fell to $511,631 in Corvallis. Median home prices fell to $385,000 in Albany, as well as $480,000 in Corvallis. In Albany, the average days on market nearly halved to 37 days, and also dropped in Corvallis to 35 days.
In Lebanon, over the past 90 days, the average house price fell slightly to $389,370, with the median sale price rising to $370,000. Homes spent an average of 45 days on the market in Lebanon over the past 90 days.
The number of listings on the market rose to 32 active listings in the MLS in Albany, just over a month of inventory. There are 25 active listings at Corvallis, for almost two months of inventory. In Lebanon, there are 16 active listings, which equates to about a month and a half of inventory. See quote below for inventory readings over the past 90 days.
The above statistics were provided to the lawyer by Samantha Alley, Principal Broker of The local team for RE/MAX Integrity. Here’s what Samantha has to say about today’s market.
“The past month has been eerily quiet, with a few buyers fiercely vying for the minimum number of homes to come on the market in January and February. Looking only at months of inventory, one would think that the inventory situation is self-resolving, with each market having doubled its months of inventory. This is not true, when statistical numbers get really small they are easily skewed.
“Over the past 90 days, we have seen fewer homes selling each month due to the holidays. This is partly due to buyers focusing their attention on family and celebrations. However, the main cause is that fewer people are putting their homes on the market in the winter, so there are far fewer homes available.
“When I compare what was available and what is now available, the market is even tighter than months past. Most buyers want to look at more than one home, and they don’t want to settle…so they wait , if they don’t have enough choice.The pending sales numbers tell the truth, as there are far more homes under contract than there are currently available or sold in the last three month.
Check next month to see where the market goes from here.
By Kyra Young