In openings and closings news, the Ace Hardware slated for the Timberhill Shopping Center has a grand opening on the books for Thursday. Oct 5. The ribbon cutting is set for 8:45 am. The whole first weekend will feature live demos, and the first 50 customers get a free Ace shopping bag.
Sadly, however, Pacifica Seafood Market will temporarily be offering delivery only. Their SE 3rd Street location will be closing on Thursday, Sept. 14. In their announcement, they cited a dispute with their landlord, and promised they’re seeking new digs that will better fit their plans for growth.
Corvallis Real Estate Market Loosens Ever so Slightly: August ended with small upticks in both closed sales and available inventory, which may seem counterintuitive, but as Sam Alley of Re/Max Integrity explains, it does make sense.
“We’ve seen an uptick in interest rates lately, and this adjustment has achieved its intended goal of moderating market activity. As a result, there’s a slightly larger inventory of homes available this month, a positive development that’s backed by relevant data. Notably, August outperformed July in terms of closed home sales, reflecting a healthy level of activity.”
However, when Alley looks at the current market and what’s likely to happen, she doesn’t believe the landscape has shifted by much.
“As we transition into September, it’s typical to see a dip in market activity as families settle into their back-to-school routines and the fall season begins. Importantly, the regions we monitor continue to operate within a seller’s market. This means sellers still hold an advantage, even though competition for buyers has softened a bit.”
So, what were the numbers for August, median home price for contracts and pendings in Corvallis was $565,935, for Albany the number was $459,900, and Lebanon came in at $398,500. Months of housing inventory on hand for Corvallis, Albany and Lebanon was 1.35, 1.41, and 2.55 respectively.
Rosy Meets the Curmudgeon: Oregon’s Office of Economic Analysis released their latest quarterly economic forecast earlier this month, and we must say, we’re amused. It says things like, “The labor market is tight, albeit less so than during the reopening phase of the cycle. And as inflation slows, income gains are once again outpacing price increases, leading to rising living standards. With the economy at full employment, future growth will come from labor force gains driven by a return of positive net migration in the years ahead, along with productivity gains driven by capital investment.”
It also goes on to say, “The combination of the post-pandemic rise in start-up activity, large increase in federal investment, including in semiconductors, and the potential of generative AI should all help to boost productivity in the years ahead. Oregon is well-positioned to benefit.”
Yep, it Seemed a Little Pollyanna to Us Too: But then, we had reserved for last, the first paragraph of the Executive Summary that said, “The economy continues to be in an inflationary boom. Growth is outpacing expectations. The good news is inflation has slowed considerably in the past year. The consensus of economic forecasters is now that the economic soft landing is the most likely scenario. The challenge today is twofold. First, there are emerging signs that the economy is reaccelerating which means inflation could re-heat at some point in the quarters ahead. Second, this leaves the Federal Reserve in a tough position of trying to thread the needle of raising interest rates just enough to cool the economy and bring inflation down, but not too much that chokes off growth. The initial descent appears to have gone as good as can be expected. However, navigating the crosswinds of waiting for the full impact of past interest rate increases to slow growth even as inflation remains above target is challenging.”
And Now, We’ll Editorialize: Freaking, really? The CPI is a good third above the target, the impacts of interest rate increases won’t be in clear view for at least another quarter or three… so we’ll see their use of the word ‘challenging,’ and raise them a somewhat frightening.
Also, for good measure, this is probably about the first time in two decades that the fed is effectively charging more than zero for money – so, that may have impacts of its own.
We’re not begrudging the possibility of a rosy outcome, but we’re not quite ready to say we’re out of the woods, either. In general, we think business moves toward growth make sense right now, but we would advocate to temper those moves with some prudence and reasonable reserves.
Okay, We’ll Shut-up, Here’s Your Business Events Calendar…
Women In Business Luncheon. 12 to 1 pm, Wed., Sept. 20, at The Vue, 517 SW 2nd Street
Dr. Raquel Muller is a psychologist, financial educator, coach, wife and mother of two. She teaches smart, independent gen-x and millennial women who feel overwhelmed by finances how to take control of their money. No matter your current financial situation or marital status, Muller will guide you through the milestones you must conquer to achieve financial freedom so that you can enjoy the life of your dreams, make a positive impact in the world, and leave a legacy. Click here to register.
Corvallis Young Pros Paint Night. 5 to 7 pm, Tue, Sept. 26, at Carazon, 208 SW 2nd Street
Admission for one to this fun paint night is a $40 donation to Maxtivity and includes supplies and guidance from one of Maxtivity’s artist instructors to create a beautiful sunflower painting. Also included is a mini wine tasting with appetizers sponsored by FactoryWiz. Space is limited! Purchase your tickets today – after clicking on the link for tickets, click on the green “Fund Access to Art” button to reserve your spot. Here’s the link to register.
Real Estate Broker Pre-License. 11 sessions, $695. Starts Wed., Sept. 27, 6 to 9 pm.
Have you been thinking about a career as a real estate agent? This class is the first step. An accelerated pre-license HYBRID weekly class, self-study, and a 9-5 pre-test cram session on Saturday, December 2 will get you ready for the Oregon Real Estate Broker’s License Exam. You must attend all class sessions through Zoom or in person and have online access to complete the self-study portion of this course. Held at Coldwell Banker Valley Broker’s North Albany Branch. Offered by Linn-Benton Community College, SBDC. Click here for registration and info.
OSU MBA Prep Session. Thur., Sept. 28 at 12 to 1 pm, virtual event.
This session reviews the Oregon State University application process, offering tips and suggestions so you can make sure you are submitting the best possible application to MBA, MSB, or Graduate Certificate Programs at Oregon State University. They recommend (but do not require) that you attend an Information Session before attending an Application Workshop. Zoom information provided after registration. Oregon State University offers graduate business programs in Portland, Corvallis, and online. Click here to register.