April Real Estate activity in the Eugene and Springfield market area was up slightly over March of this year, but running behind April of a year ago. Low inventories of homes for sale and an average home price increase of nearly 10% over last year are the culprits. We are in a strange market right now with extremely low inventories of homes for sale and rising home prices. I don’t want to sound the alarm, but this is a dangerous spiral and it could result in a quickly declining market at some time. When home price become non-affordable, sales decline and price come down. What happens in our local market over the next several months should tell us the story about where we are heading. Here are the numbers from April.
Lane County saw some warmer activity again this April, although numbers are a bit cooler compared to April 2016. New listings, at 577, ended 1.5% below April 2016 (586) but 7.4% ahead of March 2017 (537).
Pending sales, at 488, decreased 11.8% compared to April 2016 (553) but edged 2.1% ahead of the 478 o ers accepted last month in March 2017.
Similarly, closed sales (361) had a 10.0% decrease from the 401 closings recorded last year in April 2016 but pulled 1.7% ahead of the 355 closings recorded last month in March 2017.
Inventory crawled upward in April, ending at 1.8 months. Meanwhile, total market time decreased by 13 days, landing at 56 days.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending April 30th of this year ($270,400) with the average price of homes sold in the twelve months ending April 2016 ($246,700) shows an increase of 9.6%. The same comparison of the median shows an increase of 8.4% over that same period.
Have An Awesome Week!
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