Albany, Oregon’s real estate market is showing improvement year over year ending November 2014 as compared to the same time frame in 2013.
Each significant category is showing improvement. Volume of sales is up 8.5 percent; Average Sales price is up 5%, number of days on market (reported including escrow period) is down 19 days. The only cautionary is that inventory (number of homes on the market) is down as well, a significant 17%. That creates approximately 3.29 months of inventory on the market. Albany market is now a “seller’s market”. Interesting to note that the average square footage (size) of homes has gone down from 1,631 square feet to 1,599 square feet. Not a huge variance, but it does have a large impact on the price per square foot calculation.