As 2012 creeps up on us, let me first wish you a happy New Year celebration. I thought you might find it interesting to know what Corvallis real estate brokers are saying right now. "I am running out of listings" is a common one. This is because the number of homes for sale now in Corvallis is significantly fewer than what I saw in June, July and August (350 vs. 460 roughly).
That is a 24% decrease for those of you who like numbers. There are some charts below I want to share with you to better illustrate what is happening now (month end November, our last full month of data) in our market.
If you have any questions about the information, please do not hesitate to contact me. You may have already gathered that now actually is a good time to sell with things moving quickly and with fewer homes to compete with.
First, let's look at how long it takes the average house to sell, measured in days, or in Realtor-speak, DOM.
With homes selling last month in 129 days on average, and with the year's data average of 159, we are at a 19% increase in the speed of homes selling for clients. Another useful statistic is to look at how many homes in Benton County sold in relation to the number that were listed. For the data through November, 15.7% of listed homes sold in relation to the number listed. One exciting thing is that last month, November, the month everyone assumes is not productive in real estate, was the most productive so far this year with 17% of homes sold vs. listed. This is a 9% increase in the liklihood of a listing being sold in Benton County! See chart below.
One last point in our discussion on Corvallis, Oregon real estate in 2011 concerns "inventory," the number of homes for sale each month. Simply put, inventory is dwindling and 2012 is a new year which will undoubtedly have some interesting developments going forward, So far as I can tell, those adjustments in the market can only benefit you.
Take this knowledge and share it with your friends. It is important to have accurate information so as to take advantage of an opportunity when it presents itself. If you are interested in investment properties, you are smart! I would be glad to assist you with your search and commend the wisdom of seeing why now makes sense to invest.