Latest Market Activity for August 2018
Good Monday Morning!
Don't let the sales statistics from August fool you, we are heading into a shifting market quickly in the Eugene and Springfield area. The months to come certainly may see slower home sales with more pressure on home prices and longer times on the market. Home prices over the past several years have increased too rapidly and have outpaced buyers ability to purchase. In the past, this scenario has always created a market adjustment. If you are needing to sell a home now, you should be pricing your home accordingly. Don't think that you can price above this current market and expect a sale. Here are the August sales numbers.
August Residential Highlights
Lane County saw some gains in closings and new listings this August. Closings, at 575, outpaced August 2017 (519) by 10.8% and July 2018 (491) by 17.1%. It was the strongest August for closings in Lane County on the RMLSTM record, dating to 2001!
New listings (711) saw a 4.6% gain over the 680 new listings on the market last year in August 2017 and a 9.4% gain over the 650 new listings on the market last month in July 2018.
Pending sales, at 505, showed a 3.8% decrease from August 2017 (525) and a 7.5% decrease from July 2018 (546).
Inventory edged down to 1.7 months in August, with total market time increasing to 36 days.
Year to Date Summary
Comparing the first eight months of 2018 to 2017, closed sales (3,564) have increased 4.1% and pending sales (3,772) have increased 0.9%. New listings (4,762) have decreased 0.4%.
Average and Median Sale Prices
Comparing 2018 to 2017 through August of each year, the average sale price has increased 6.3% from $288,900 to $307,200. In the same comparison, the median sale price rose 7.9% from $259,900 to $280,500.
Have an awesome week!
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The numbers are in and Lane County had another strong month of home sales for June of 2018. The primary thing to note is that the average home sales price continues to increase and is now over $300,000 as you will see. One has to wonder how long this trend can continue in a market with a wage scale that does not support this high of an average home price? Here are the numbers for June of 2018.
6997 Glacier Drive 
2018 has started out to be a challenging year for homebuyers in the Eugene and Springfield market area. The issue with the current market is certainly not demand. Our current home market problem stems from lack of inventory of homes for sale. This is especially true in the price ranges of below $300,000, where the high demand for housing exists. With a current inventory of less that 1.6 months, this shortage has left hundreds of would-be home buyers out in the dark. The lack of inventory and high demand has created such a shortage that when a home comes on the market that is priced well in the price range of high demand, there is typically a bidding war taking place. This of course is leading to the situation where many homes are now selling for above asking price. If this trend continues in 2018, it could be a challenging market for buyers.
