New Month, Same Song.
Not really much change in the Corvallis Real Estate Market since last month. Last month, the current inventory stood at approximately 98 active homes available for sale. This month, only one more. Compared to this same time a year ago, inventory is down over 43%. There are buyer’s in the market, looking for the perfect home and there’s not much for them to choose from.
That means, it’s (still) a seller’s market!
Number of closed home sales is up 13, a 1.9% increase in the 12 months preceding February 2015, as compared to the same time frame ending February 2014. Lack of inventory is the biggest issue and continues to be an on-going situation. Available homes for sale (inventory) is down a significant 43.8% as compared to month end February 2014. That is a huge variance. Average sales price is up a modest 1.1.%, especially when you factor in the average price per square foot is the same at $157.00/sf, it’s the size of home that’s selling that’s driving up the price, not actual increases due to appreciation. Average days on market has increased a modest 6 days. Insignificant in the big picture.
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.