Albany Oregon Real Estate Statistics for February 2015
Available inventory is being absorbed at a consistent rate. With just over a one-third drop in inventory February 2015 as compared to February 2014, the Albany market inventory is now reduced to just over 2.5 months of inventory, a strong seller’s market.
Number of closed home sales is up just over 10%. Sales price is up a 4.2%. That paired with a reduction in average size of home 1583sf in 2015 as opposed to 1631sf in 2014 and an average increase in price per square foot ($106/sf in 2014 as compared to $114/sf in 2015) would indicate an appreciation trend. Lack of inventory is the biggest wild card for continued activity in the market. Available homes for sale (inventory) is down from 170 active homes for sale in 2014 to 115 active homes for sale in 2015. This is indicative of a seller’s market.
Regardless of the market, there are opportunities for buyers and sellers in this market. Inventory conditions and improved price positions and low interest rates can work to the advantage of those ready to make a decision and those who take action when presented with the “right” property. Buyers are recognizing good values and taking advantage of favorable interest rates making offers on homes that are properly priced, properly positioned and effectively marketed.
It’s good to have an understanding of market trends and what’s happening in the market at any given time. However, it’s not a good idea to try to apply those averages to an individual property. If you’re thinking of selling or buying, get in touch. I’ll help you put the market into perspective in reference to your individual home or situation.
Data compiled using information from the Willamette Valley Multiple Listing Service.