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How’s the Market? | Real Estate Inventory and Days on Market

benton county court house clockHow’s the Market: Real Estate Inventory and Days on Market, statistical information for the cities of Albany, Corvallis, Lebanon and Philomath in Oregon.

According to the National Association of REALTORS® (NAR), nationally, homes are selling more quickly and there’s less inventory than a year ago.

NAR states, “At the end July there was a 6.4-month supply of homes on the market at the current sales pace, which is 31.2 percent below a year ago when there was a 9.3-month supply.”  The report further states, “The median time a home was listed for sale on the market was 69 days in July, down 29.6 percent from 98 days in July 2011.  The median reflects a wide spectrum; one-third of homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months.”

If you would like to read the whole report click here:  Homes Selling More Quickly time on Market Down with Tighter Supplies.

More importantly how does our local market stack-up?  Here are some statistics I’ve compiled:

Inventory on the Market:

City Inventory as of 8/31/2011 Inventory as of 8/31/2012 Percent Change
Albany 283 291 Up 2.8%
North Albany 92 110 Up 19.6%
Corvallis 333 289 Down 13.2%
Philomath 72 53 Down 26.3%
Lebanon 260 216 Down 16.9%

Days on the Market:

City Days on the Market 8/31/2011 Days on the Market 8/31/2012 Percent Change
Albany 135 141 Insignificant
North Albany 163 141 Down 13.5%
Corvallis 128 123 Insignificant
Philomath 147 143 Insignificant
Lebanon 155 129 Down 16.7%

 

Although we have noted a definite up-tick in market activity and summer month’s volume has been strong, market numbers do not yet support a full recovery in our area.  The trend is positive and time will tell.

Notes:

Supply is based on 12 month analysis.

NAR uses a Median days-on-market vs the average days-on-market used in the local analysis.  Further there are some data cycle variations between NAR’s published figures and those shown in the local analysis, but the impact of the variance is minor.

Statistical information provided by Willamette Valley Multiple Listing Service and includes residential properties and residential with acreages.

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