Real Estate Update: Things Remain Tight, Still Sellers’ Market

Over the last 90 days in Corvallis, the median sales price for a home was $ 520,000 which included a high of $ 1,917,500 and a low of $ 52,500. Asking prices for houses still available range from $ 3,499,000 to $ 325,000 with the average asking price of $ 717,279. During the last three months, 189 houses have sold and 132 of those are still pending. There are currently 51 active listings in Corvallis, leaving less than a month’s inventory currently available.

In Albany, the median sales price has been $ 405,000 with a high of $ 1,090,000 and a low of $ 147,000. Asking prices for active listings in Albany ranged from $ 2,448,000 to $ 197,000 for an average asking price of $ 579,290. During the last three months, 232 houses have sold and 151 of those are still pending. There are 45 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 $ 378,100 with a high sales price of $ 1,250,000 and a low sales price of $ 172,500. Asking prices for active Lebanon real estate range from $ 1,750,000 to $ 225,000 for an average asking price of $ 561,909. During the last three months, 126 houses have sold and 64 of those are still pending. There are currently 41 homes on the market in Lebanon for just shy of a month’s worth of inventory.

What our real estate expert, Sam Alley, has to say about the market:

“The number of houses coming on the market in our three market areas continued to increase as is normal for the Spring months. We also saw more houses under contract as we head into June than we did in May in both Albany and Lebanon while Corvallis stayed exactly the same with 132 homes showing Under Contract and Pending. Albany showed an 11% increase in sold homes in the last 30 days over the 30 before, while Corvallis was up 15% and Lebanon 9%. We continued to see multiple offers situations on most homes that sold and rural properties were in high demand. If the number of houses available continues to be at the low levels we are seeing now, this should continue through the Spring and Summer. Industry experts are still predicting a nationwide, slow but steady rise in property values ​​with more inventory for buyers to choose from, as we move into Summer and Fall. Interest rates on a 30-year fixed mortgage are hovering a bit over 5%, still a historically great rate, but about 1.5-2% higher than what has been available for high credit score buyers over the last couple years. ”

By Sally K Lehman

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