Consistent. There is not really much change over the prior last few months. The market is strong, but limited by lack of available inventory.
Compared with this same time last year, Corvallis has nearly 30.5% fewer homes on the market. That is a huge drop in inventory!
Average home price is at a consistent level with very modest measure of appreciation overall. The reality is, the lack of volume in sales and concentration of sales in the lower price tiers keeps the average price at an even keel. It’s very important to note: Averages do not make the real estate market. Very few homes are “average”. To get a true picture of what you’re home is worth, you will want to obtain a market analysis prepared by a broker that knows the market.
Average days on market has stayed constant too. In the Corvallis real estate market, average days includes the escrow period, which may be influence by needs of both buyers and sellers and by length of time required to finalize financing.
Low inventory, low interest rates, stable pricing are all good signs for sellers. Pent up demand is in play and buyers are in the market. If you’re considering selling, now may be the time.
Other statistics: Average Cost per Square Foot $157.00/sf, unchanged from December 2013 average; Average size is 1930sf up 25sf from 1905sf in 2013.
Data compiled using information from the Willamette Valley Multiple Listing Service.