Good Monday Morning!
The Real Estate market in the Eugene and Springfield area ended 2022 with a loud thud! Home sales were down, pending sales were down, the number of homes active on the market for sale was down and the average home sales price was up. The interesting thing about our local market is that you can look at 2022 month by month and watch as the year progresses just how much the housing market here deteriorated as the year went along. This of course followed the path of rising interest rates and an ugly economy with roaring inflation. Will 2023 be any different? There is all kinds of speculation that the worst has passed us by and that 2023 will see mortgage interest rates flatten out and inflation will settle down. I certainly hope tht this is the case. It's anyones guess on where we actually go with the housing market in 2023. The Real Estate market is like any commodity market in that it has always had highs and lows and the market in between. Right now it is my guess that we are in the market in between. The direction we travel from here is uncertain, but people are continuing to purchase and sell homes and this will continue no matter which way the market moves. If you are wanting to purchase a home or sell a home in this market, it is not the time to trust your home purchase or sale to an inexperienced agent. I have been a Real Estate broker in the Eugene and Springfield area for 34 years. This is the third recessionary Real Estate market that I have helped home buyers and sellers navigate through. There is a difference in who you choose as your Real Estate agent! In this market, choosing the right agent can save you many thousands of dollars and protect you and your home investment. Here are the home sale statistics for Lane County for the month of December 2022.
New listings (175) decreased 27.1% from the 240 listed in December 2021, and decreased 31.1% from the 254 listed in November 2022.
Pending sales (197) decreased 32.1% from the 290 offers accepted in December 2021, and decreased 4.8% from the 207 offers accepted in November 2022.
Closed sales (234) decreased 43.5% from the 414 closings in December 2021, and decreased 9.3% from the 258 closings in November 2022.
Inventory and Market Time
Inventory decreased to 1.9 months in December. Total market time increased to 45 days.
Comparing the twelve months of 2022 to the same period in 2021, new listings (5,384) decreased 8.0%, pending sales (4,982) decreased 3.8%, and closed sales (4,538) decreased 11.4%.
Average and Median Sale Prices
Comparing 2022 to 2021 through December, the average sale price has increased 9.2% from $435,300 to $475,400. In the same comparison, the median sale price has increased 9.3% from $399,000 to $436,000.
Have An Awesome Week!
Stay Healthy! Stay Safe! Remain Positive! Trust in God!
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AND HERE'S YOUR MONDAY MORNING COFFEE!!