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Eugene & Springfield Market Seems To Slow A Bit

Good Monday Morning!

The Real Estate market in the Eugene and Springfield area seems to be slowing a bit.  I am not sure if this is purely seasonal or if the higher prices paid for homes and the lack of inventory of homes for sale is causing most of the slow down.  Currently there is .9 months of home inventory on the market in Lane County.  A healthy Real Estate market will have around 4-6 months of inventory.  With inflation hitting hard over the past several months and reaching 6.2% last month, it could eventually hit mortgage interest rates hard as the Fed will begin raising rates in an attempt to curb inflation.  At this time, mortgage interest rates remain extremely attractive.  If you are sitting on the fence about purchasing or selling a home, my suggestion is to take advantage of this current market.  The market that we have down the road may look quite different. Here are the home sales numbers in Lane County for October of 2021.

New listings (482) decreased 5.7% from the 511 listed in October 2020, and decreased 3.2% from the 498 listed in September 2021.

Pending sales (461) decreased 5.9% from the 490 offers accepted in October 2020, and increased 1.8% from the 453 offers accepted in September 2021.

Closed sales (455) decreased 6.0% from the 484 closings in October 2020, and decreased 0.9% from the 459 closings in September 2021.

Inventory and Market Time

Inventory decreased to 0.9 months in October. Total market time increased to 22 days.

Year-To-Date Summary

Comparing the first ten months of 2021 to the same period in 2020, new listings (5,245) increased 4.7%, pending sales (4,506) increased 4.2%, and closed sales (4,259) increased 7.0%.

Average and Median Sale Prices

Comparing 2021 to 2020 through October, the average sale price has increased 19.3% from $361,700 to $431,400. In the same comparison, the median sale price has increased 18.2% from $334,300 to $395,000.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

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