Housing Market Update: Delayed Construction Headaches Continue

This month, we welcome a new real estate insider to our team to bring you the real estate market update. Samantha Alley is the Principal Broker for the local RE/MAX Integrity team. Samantha confirms that the competitive market we have seen over the past month could very well continue into 2022. In Albany, the average selling price this month is up to $413,587 and up to $545,348 $ to Corvallis. Median home prices fell to $390,000 in Albany and rose sharply in Corvallis to $490,235. In Albany, the average days on market increased slightly to 63 days and climbed in Corvallis to 102 days.

In Lebanon, over the past 90 days, the average house price has risen to $391,291, with the median sale price reaching $349,900. Homes spent an average of 74 days on the market in Lebanon over the past 90 days.

The number of listings on the market fell to 21 active listings in the MLS in Albany, less than half a month of inventory. There are 47 active listings in Corvallis, for a month and a quarter of inventory. In Lebanon, there are 19 active listings, which equates to just over half a month of inventory

The above statistics were provided to the lawyer by Samantha Alley from The local team for RE/MAX Integrity. Here’s what Samantha has to say about today’s market.

“The new year is here and the number of available houses is very low. This limits choices for buyers, making it difficult for them to choose from limited options. Last year, many new construction announcements were concluded under contract throughout the year. Many of these houses are still unfinished. In Corvallis, there are more houses under contract than have been sold in the last three months. The number one question I get right now is, “Should I wait for the market to go down to buy a house?” The difference between our current market and that of 2006 is the 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 backlog of new homes and there is an abundance of first time buyers coming onto the market. Many millennials have put off buying a home, and the next generation is starting to buy. This creates greater demand than we have seen in the past. The forecast for this year is a strong seller’s market with a competitive atmosphere for buyers throughout the coming year. »

Check next month to see where the market goes from here.

By Kyra Young

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