Real Estate Talk Market Update for 01 September, 2007

(1) "SOLD" statistics include both  SOLD and PENDING
(2) Months of Inventory Calculation based on the rate of sales in the previous 90 days.

Albany

• SOLD/Pending (past 90 days) - 285
•    Average price - $227,024
•    Average Days on the Market - 111.64
•    Average Dollar per Square Foot - $134.09
• Current Active Listings - 440
•    Average Price of Active Listings - $257,476
•    Months of Inventory - 4.63

Dave's Evaluation  Albany is still in a fairly neutral overall market, inventories are continuing to rise, and August sales have been weak.  Home prices have been relatively flat, with individual sellers and buyers motivations pushing some segments down.  If you are selling your home in Albany today, it should be positioned in the marketplace competitively, and well-conditioned if you want a quick sale.  For buyer's there is lots of inventory from which to choose, and some potentially motivated sellers.  Shop around and, if you have SOLID financing, you can negotiate from a strong position.

Corvallis

• SOLD/Pending (past 90 days) - 216
•    Average price - $309,212
•    Average Days on the Market - 83.84
•    Average Dollar per Square Foot - $170.88
• Current Active Listings - 206
•    Average Price of Active Listings - $370,461
•    Months of Inventory - 2.86

Dave's Evaluation  Corvallis remains a solid seller's market, with low inventories and a consistent demand.  We may see some limited softening in the market there until the mortgage upheaval becomes clarified as this market tends to see more "move up" buyers.  IF they have trouble selling in other markets, it could have a ripple effect here.  Listen next week for Mark Fulwiller's evaluation of the Corvallis market.

Lebanon

• SOLD/Pending (past 90 days) - 67
•    Average price - $158,823
•    Average Days on the Market - 112.36
•    Average Dollar per Square Foot - $120.98
• Current Active Listings - 165
•    Average Price of Active Listings - $218,670
•    Months of Inventory - 7.39

Dave's Evaluation   Lebanon is a bit of an enigma.  The pace of the market remains fairly quick compared to Albany, but the disparity between SOLD prices and ACTIVE prices is significant.  There is some new construction going on, priced in anticipation of a wave of more affluent buyers (either from the Lowe's Distribution Center influx, or relocation from other areas). The mortgage market trouble has had an impact on these "move ups." 

Today's guest (1 September) --- Bobby Walker, Branch Manager Pathfinders Mortgage.  We discussed the President's proposal from Friday (31 August) for FHA Secure, temporary changes in the tax regulations, risk-based pricing to ease some of the impact on home owners who need some additional flexibility.

Future guests:

Mark Fulwiller - Coldwell Banker Valley Brokers (Corvallis) will give us an update on the ins and outs of the Corvallis market.

Jeannie James - Fidelity National Title will be here to talk about Construction Liens, the Home Buyer's Protection Act, and Early Issue Title Insurance. If you are thinking about buying a new home, or a home that has had a major remodel, you won't want to miss it.

Real Estate Talk with Dave Pautsch airs every Saturday morning from 10-11am ONLY on NewsTalk 1580AM KGAL