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Slowing Market Sees Plenty Of Price Reductions

Good Monday Morning!

The Real Estate market in the Eugene and Springfield area is certainly beginning to show signs of change.  It is interesting though that this is still not being indicated by the home sales statistics. What I am beginning to notice though is that many homes sit on the market without selling right away now and to get showing activity the sellers have to drop their price.  I am seeing many price reductions and some multiple price reductions now.  This was unheard of just a few months ago.  I would guess that June home sales statistics are going to indicate a market shift much more clearly than the May statistics do.  One thing that is clear is that our economy, both local and national is beginning to see a steep downward trend.  Much of this trend is being caused by inflation, which is beginning to take it's toll. Higher costs of living and higher mortgage interest rates are going to have a long term negative effect on home sales.  The worst has not hit us yet, so if you are thinking of selling your home this year, I will repeat myself in saying, "DON'T WAIT!". The folowing are the home sale statistics for Lane County in the month of May 2022.

Residential Highlights

New listings (605) decreased 0.5% from the 608 listed in May 2021, and increased 23.5% from the 490 listed in April 2022.

Pending sales (484) decreased 12.6% from the 554 offers accepted in May 2021, and increased 6.8% from the 453 offers accepted in April 2022.

Closed sales (425) increased 7.9% from the 394 closings in May 2021, and increased 3.4% from the 411 closings in April 2022.

Inventory and Market Time

Inventory increased to 0.9 months in May. Total market time decreased to 23 days.

Year-To-Date Summary

Comparing the first five months of 2022 to the same period in 2021, new listings (2,413) increased 2.9%, pending sales (2,082) decreased 0.7%, and closed sales (1,826) increased 3.9%.

Average and Median Sale Prices

Comparing 2022 to 2021 through May, the average sale price has increased 17.1% from $404,100 to $473,000. In the same comparison, the median sale price has increased 15.5% from $375,000 to $433,000.

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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