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Home Sales Saw Improvements in October

Good Monday Morning!

Home sales for October 2023 in Lane County did see you more improvement in the number of homes for sale, which is very good news for buyers who have been struggling to find a home.  Even with the increase in the number of homes for sale, 2.5 months of inventory is a low number.  Remember, healthy Real Estate market maintain 5-6 months of home inventory.  Mortgage interest rates remained steady and even declined slightly.  All of this is good news. Further market improvements will depend greatly on mortgage interest rates and the overall strength of our local and national economy in the months ahead.  Here are the home sales numbers for October 2023.

New Listings

New listings (372) increased 4.2% from the 357 listed in October 2022, and decreased 15.3% from the 439 listed in September 2023.

Pending Sales

Pending sales (299) increased 3.8% from the 288 offers accepted in October 2022, and decreased 13.8% from the 347 offers accepted in September 2023.

Closed Sales

Closed sales (291) decreased 20.1% from the 364 closings in October 2022, and decreased 8.2% from the 317 closings in September 2023.

Inventory and Time on Market

Inventory increased to 2.5 months in October. Total market time increased to 42 days.

Year-to-Date Summary

Comparing the first ten months of 2023 to the same period in 2022, new listings (4,230) decreased 14.3%, pending sales (3,206) decreased 19.4%, and closed sales (3,070) decreased 23.7%.

Average and Median Sale Prices

Comparing 2023 to 2022 through October, the average sale price has decreased 0.3% from $476,900 to $475,600. In the same comparison, the median sale price has decreased 0.3% from $438,400 to $437,000.

Have An Awesome Week!

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


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