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Gazette Times Reports High End Homes Fill Flat Market in Corvallis

Last Modified: 10/11/07
First Published: 10/11/07
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The Gazette Times Reports, thanks to tighter lending policies and a generally slower Housing Market, homes ranging from $300,000-$500,000 make up 75% of what inventory is available in Corvallis, Oregon.

In high end homes over $500,000, real estate agents are looking at a 14 month supply. Although those house make up just 20% of available residential properties, realtors state it is a buyers market in Corvallis, Oregon.

Prices are up slightly from a year ago, but fewer homes are selling. In the third quarter of 2006, 237 properties sold at a median price of $276,000. This year just 188 properties sold, in July, August and September, at a median price of just over $281,000.

"That's within one percent", said Alan Deitch of Raising The Bar Real Estate.

Warnings Nationwide of a housing slowdown trickled in over the summer, but happened gradually enough that many sellers did not see it coming.

"The Northwest has held up better than the rest of the Country", said Deitch. Starter homes for first time buyers remain in high demand. As of Yesterday, Oct. 10, just 17 homes, 6% of those available were listed under $200,000. 

New construction is aimed primarily at high end buyers (greater profitability), starter homes have yet to become a growth industry in Corvallis. Buyers are looking to other communities to find a starter home, Albany, Lebanon & Sweethome, Oregon.

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