Real Estate Information Archive

Good Monday Morning!

Sales of existing homes took off in September, jumping 9.4% from August to a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors said in a report on Thursday. Compared to a year ago, sales are up 20.9%.

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

That surge in potential buyers, however, may be met with what Yun says is historically low inventory. At the end of September, housing inventory totaled 1.47 million units, down 1.3% from August and down 19.2% from one year ago when inventory sat at 1.82 million.

Unsold inventory measured as a “months supply” number that gauges how long it would take to sell all the homes if nothing else came on the market, was 2.7 months, NAR said. That’s down from three months in August and four months a year ago.

An improving job market, low rates, and families looking for more space played key roles in the recent activity spike, according to Mortgage Bankers Association senior vice president and chief economist, Mike Fratantoni.

“The primary constraint to even more sales is the plummeting inventory of homes on the market, which is leading to bidding wars and spikes in home prices across the country. Fortunately, we are seeing a pick up in the pace of construction, which should bring more inventory onto the market for next year’s buyers,” Fratantoni said.

The median existing-home price last month was $311,800, up 14.8% from this time last year, and prices rose in every region. According to the report, 71% of homes sold in September were on the market for less than a month at an average of 21 days – an all-time low.

However, risk still remains in the market, said Ruben Gonzalez, chief economist at Keller Williams.

“As long as unemployment remains elevated, there is a possibility that we see layoffs spill into the higher-paying sectors that are currently propping up the housing market”, said Gonzalez. “That broader recovery will likely hinge on medical progress toward ending the pandemic, as well as a strong fiscal stimulus that helps families maintain their incomes while the economy remains at reduced capacity.”

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THIS WEEKS HOT HOME LISTING!

289 Terra Linda Ave, Eugene, OR 

Price: $335,000    Beds: 3    Baths: 2.0    Sq Ft: 1417

Beautiful One-Level Home in Santa Clara. New paint inside. Living Room has gas fireplace & new laminate flooring that is also in hallway. Large Family Room w/ gas fireplace insert. Beautiful shared bath w/ walk-in shower & sliding glass door. Vinyl...View this property >> 

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Good Monday Morning!

The low inventory of homes for sale is an issue that does not just affect the Eugene and Springfield Real Estate markets.  This is an issue that is national and most likely is not going to ease any time soon.  Here is an article from "Realtor.com" that talks about this issue nationally.

The coronavirus pandemic has left a “gaping hole in the U.S. housing inventory” that is triggering property price growth, according to a report released Thursday from realtor.com.

In the roughly six months between the start of the pandemic in March and mid-September, 2.91 million homes have been put on the market, roughly 390,000 fewer than the same time in 2019, the online real estate portal said.

In the week ending Sept. 19, there were 39% fewer homes on the market compared to last year, and any upcoming uptick is unlikely given the typical seasonal slowdown on the horizon.

The lack of supply has been the catalyst for heated market conditions as median listing prices last week grew at a record 11.1% year-over-year—more than double January’s pace—marking the 19th consecutive week of increasing price tags, the report said.

“Sellers are more reluctant to list their home given the uncertainty over the economy and the pandemic environment,” Javier Vivas, director of economic research for realtor.com, said in the report. “Buyers on the other hand, especially hungry first timers, remain largely unfazed by the challenges, and are motivated by low mortgage rates and the fear of missing out on the right home.”

“The majority of sellers are also buyers, so even as new listings hit the market, another buyer is also added,” he said.

Demonstrating the appetite of buyers is the speed in which homes are selling.

Last week, properties changed hands in an average of 53 days, which is 12 days faster than this time last year, and one day faster than the week prior.

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THIS WEEKS HOT HOME LISTING!

5415 Royal Ave, Eugene, OR 

Price: $439,000    Beds: 3    Baths: 1.5    Sq Ft: 1366

Beautiful Danebo Property With Views. Large living room with wood burning fireplace. Views from living room and kitchen that looks over meadows and territorial hills. Kitchen has wrap around counter and lots of cabinet space. Patio access from two b...View this property >> 

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Good Monday Morning!

Even though the inventory and sales numbers vary slightly from month to month, the Eugene and Springfield area remains in the midst of an extrmely strong sellers housing market.  This means that the low inventory of homes for sale favors anyone putting their home on the market. This situation has also brought about a continued increase in home prices.  The average home sale price in Lane County is now at $357,00.00.  Here are the numbers for home sales in Lane County for September of 2020.

September Residential Highlights

New listings (474) increased 6.3% from the 446 listed in September 2019, and decreased 19.0% from the 585 listed in August 2020.

Pending sales (447) increased 6.4% from the 420 offers accepted in September 2019, and decreased 20.7% from the 564 offers accepted in August 2020.

Closed sales (444) increased 3.5% from the 429 closings in September 2019, and decreased 8.8% from the 487 closings in August 2020.

Inventory and Market Time

Inventory increased to 1.1 months in September. Total market time decreased to 32 days.

Year-to-Date Summary

Comparing the first nine months of 2020 to the same period in 2019, new listings (4,485) decreased 6.9%, pending sales (3,865) decreased 2.1%, and closed sales (3,476) decreased 7.2%.

Average and Median Sale Prices

Comparing 2020 to 2019 through September, the average sale price has increased 10.1% from $324,900 to $357,800. In the same comparison, the median sale price has increased 11.9% from $295,000 to $330,000.

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THIS WEEKS HOT HOME LISTING!

1075 Linda Ln, Springfield, OR 

Price: $585,000    Beds: 4    Baths: 3.0    Sq Ft: 2292

Beautiful Home With Views and Acreage In Town. Beautifully updated Kitchen w/ granite countertops, peninsula w/ cooktop & area for seating, SS appliances, walk-in pantry, & high laminate floors. Living room/ Dining room combo w/ wood burning firepla...View this property >> 

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Good Monday Morning!

In the Eugene and Springfield area, home prices continue their upward trend.  Even with the Corona Virus caused economy slow down, demand for housing has never been greater and this continues to fuel a hot sellers market for housing.  The shortage of houses on the market for sale, especially those houses that would fit the price needs of first time buyers and record low mortgage interest rates are fueling this market.  This is taking place not only in our local area, but around the country,  Here is an article from "Realtor.com" that addresses this situation.

Home-price growth began accelerating in July, a sign that the slowdown in home prices caused by the coronavirus pandemic may be reversing.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 4.8% in the year ending in July. On a monthly basis, prices rose 0.8 percentage points from June to July, after staying flat during the previous month.

Meanwhile, sales of existing homes have surged, rising 10.5% on an annual basis in August, according to the National Association of Realtors. That included a 44% increase in the sales of homes costing more than $1 million.

Home sales during the pandemic have been boosted by more families deciding to buy single-family homes where they can more comfortably work from home and have their children do remote learning. Their purchases have been aided by historically low mortgage interest rates.

“With buyer demand showing no signs of a slow down, as well as limited inventory, more price increases are inevitably on the horizon,” said Danielle Hale, chief economist at Realtor.com. News Corp, parent of The Wall Street Journal, operates Realtor.com.

The Case-Shiller 10-city index gained 3.3% over the year ended in July, compared with a 2.8% annual increase in June. The 20-city index rose 3.9%, after an annual gain of 3.5% in June.

Seattle, Phoenix and Charlotte posted the highest price gains of all major U.S. cities. “Prices were particularly strong in the Southeast and West regions, and comparatively weak in the Midwest and Northeast,” said Craig Lazzara, a managing director at S&P Dow Jones Indices.

A separate measure of home sales price growth by the Federal Housing Finance Agency found that prices rose 1.0% in July from June and rose 6.5% on an annual basis.

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THIS WEEKS HOT HOME LISTING!

1719 Victorian Way, Eugene, OR 

Price: $395,000    Beds: 3    Baths: 2.0    Sq Ft: 1709

Beautiful Ferry Street bridge Home. Large carpeted front Family Room. Kitchen has a cook island and a wraparound counter. Carpeted Living Room with a gas fireplace and access to covered deck in back yard. Carpet in all bedrooms. Master has attached...View this property >> 

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Good Monday Morning!

The inventory of homes for sale in the Eugene/Springfield area continues to be at record low levels.  Currently there is just slightly over 1 months inventory of homes for sale.  This means that if no new homes hit the market, the current inventory of homes for sale would be exhausted within a month.  To give you some perspective, a heathy market has 3 or more months of inventory.  Not only does this kind of market frustrate home buyers, but it drives home prices up.  We are experiencing all of this in Eugene and Springfield.  This kind of market, however is exciting times for homesellers, as homes for sale sell in short time periods and at inflated prices. This situation is not unique to the Eugene and Springfield area and exists in most of the country right now.  The following is an article from "Realtor.com" that gives details on what. is happening with the nations housing market.

The coronavirus pandemic has left a “gaping hole in the U.S. housing inventory” that is triggering property price growth, according to a report released Thursday from realtor.com.

In the roughly six months between the start of the pandemic in March and mid-September, 2.91 million homes have been put on the market, roughly 390,000 fewer than the same time in 2019, the online real estate portal said.

In the week ending Sept. 19, there were 39% fewer homes on the market compared to last year, and any upcoming uptick is unlikely given the typical seasonal slowdown on the horizon. 

The lack of supply has been the catalyst for heated market conditions as median listing prices last week grew at a record 11.1% year-over-year—more than double January’s pace—marking the 19th consecutive week of increasing price tags, the report said.

“Sellers are more reluctant to list their home given the uncertainty over the economy and the pandemic environment,” Javier Vivas, director of economic research for realtor.com, said in the report. “Buyers on the other hand, especially hungry first timers, remain largely unfazed by the challenges, and are motivated by low mortgage rates and the fear of missing out on the right home.”

“The majority of sellers are also buyers, so even as new listings hit the market, another buyer is also added,” he said.

Demonstrating the appetite of buyers is the speed in which homes are selling.

Last week, properties changed hands in an average of 53 days, which is 12 days faster than this time last year, and one day faster than the week prior.

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

986 S 71st St, Springfield, OR 

Price: $595,000    Beds: 4    Baths: 3.0    Sq Ft: 2649

Beautiful well built and cared for home nestled in the tall fir and maple trees of the Thurston Hills. Open concept throughout. Kitchen features SS appliances & island with bar level seating. Living room has large windows for a great view & gas fire...View this property >> 

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The national Real Estate market remains strong.  Even with home building costs soaring and the price of existing homes on the rise, low mortgage interest rates are keeping buyers in the market.  The question is, how long will low interest rates be abe to overcome the increasing home prices.  This article from "Realtor.com" sheds some light on this issue.

Home builders are more confident about the state of their industry than ever before as foot traffic of prospective buyers continues to improve, according to research from a trade group released Wednesday.

The National Association of Home Builders’ monthly confidence index rose five points to a reading of 83 in September. The index reading was the highest on record in the 35-year history of the data series, surpassing the previous month’s record high.

“The suburban shift for home building is keeping builders busy, supported on the demand side by low interest rates,” Robert Dietz, chief economist for the National Association of Home Builders, said in the report. “In another sign of this growing trend, builders in other parts of the country have reported receiving calls from customers in high-density markets asking about relocating.”

index readings over 50 are a sign of improving confidence. The index had fallen below 50 in April and May as concerns about the impact of the coronavirus pandemic mounted.

What happened: The main indicators underpinning the overall index all increased notably this month.

The index that measures sentiment regarding prospective buyer traffic soared nine points to a record high of 73. The index of expectations for future sales over the next six months increased six points to 84, and the index of current single-family home sales increased four points to 88.

Regionally, the Midwest index signaled the biggest increase, rising nine points to 78, followed by the South’s six-point increase to 85. The regional index for the West dropped one point to 87, but the three-month moving averages for all four regions were higher in September.

The big picture: The real-estate sector — and the market for new homes in particular — has been a bright spot in the country’s economic recovery from COVID-19.

The jury may still be out whether the nation is truly seeing an exodus from major cities, yet demand in the suburbs has notably risen across many parts of the country, according to economists. Buyers in these areas may have been planning to buy in March or April and were delayed by the pandemic — or they may have been planning to buy in the next few years and have been coaxed to speed up those plans thanks to record-low mortgage rates. (Though, low mortgage rates may not be available to all Americans.)

Buyers, however, are encountering a dearth of existing homes for sale in a continuation of a trend that was seen at the beginning of the year before the pandemic. With few existing homes available, more people are turning to the market for new homes.

Still, builders do face headwinds, including the rising cost of building materials. Lumber prices are up more than 170% since April, Dietz said, a reflection of production constraints caused by the pandemic. Up till now, builders have passed that cost on to consumers, but it could become a burden.

“While thus far builders have been able to pass along higher costs in the form of higher prices for finished new homes, there is a limit to their ability to do so, even if we can’t precisely peg where that limit is,” Richard F. Moody, chief economist at Regions Financial Corp., wrote in a recent research note.

And while low mortgage rates create a buffer for high home prices, as home prices continue to rise that buffer is shrinking, Moody said. Over time, if rates increase, affordability will become an even bigger constraint for buyers.

What they’re saying: “Housing continues to be an outlier in that the sector has rebounded strongly after a reopening of the economy,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a research note. “This has occurred even as the labor market remains weak and the economic outlook uncertain.”

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THIS WEEKS HOT HOME LISTING!

1036 Lupine St, Springfield, OR 

Price: $539,000    Beds: 3    Baths: 2.0    Sq Ft: 1940

New Construction In gorgeous Osprey Park development. Signature Home by Anslow & DeGeneault. Open floor plan perfect for entertaining. Kitchen features Quartz countertops, custom cabinets, kitchen island w/ sink & stainless high end steel appliances...View this property >> 

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Good Monday Morning!

The Real Estate market in the Eugene and Springfield area is holding up suprisingly well.  This is despite Covid19, forest fires, ash and smoke.  Good numbers of home buyers are on the market looking for homes and this may not change any time soon.  Historic low mortgage interest rates are fueling our current market.  The largest issues that we have in our area and it is shared by most of the country is high home prices and extraordinarily low inventories of homes for sale.  Don't look for this to change any time soon either.  Here are the numbers for home sales during the month of August 2020.

New listings (585) decreased 8.7% from the 641 listed in August 2019, and increased 3.4% from the 566 listed in July 2020.

Pending sales (564) increased 12.4% from the 502 offers accepted in August 2019, and decreased 2.6% from the 579 offers accepted in July 2020.

Closed sales (487) decreased 6.3% from the 520 closings in August 2019, and decreased 9.8% from the 540 closings in July 2020.

Inventory and Market Time

Inventory increased to 1.0 months in August. Total market time decreased to 36 days.

Year-to-Date Summary

Comparing the first eight months of 2020 to the same period in 2019, new listings (4,007) decreased 8.1%, pending sales (3,465) decreased 2.6%, and closed sales (3,016) decreased 8.5%.

Average and Median Sale Prices

Comparing 2020 to 2019 through August, the average sale price has increased 9.4% from $324,500 to $355,100. In the same comparison, the median sale price has increased 11.2% from $295,000 to $328,000.

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THIS WEEKS HOT HOME LISTING!

1719 Victorian Way, Eugene, OR 

Price: $420,000    Beds: 3    Baths: 2.0    Sq Ft: 1709

Beautiful Ferry Street bridge Home. Large carpeted front Family Room. Kitchen has a cook island and a wraparound counter. Carpeted Living Room with a gas fireplace and access to covered deck in back yard. Carpet in all bedrooms. Master has attached...View this property >> 

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Good Monday Morning!

The trend continues!!  Not just locally, but nationally the demand for existing homes remains extremely strong.  Record low mortgage interest rates combined with a pent up housing demand are creating a strong sellers market.  To make this market even more interesting, most of the country is also experiencing record low existing home inventories.  Here is an article from "Realtor.com" that addresses our current housing market.

The numbers: The index of pending home sales rose 5.9% in July as compared with June, the National Association of Realtors reported Thursday.

It is the third consecutive month in which the level of Americans signing contracts to purchase homes has risen. Home sellers are going under contract in record time, the trade group reported.

Compared with a year ago, contract signings were up 15.5%. “We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market,” Lawrence Yun, the National Association of Realtors’ chief economist, said in the report.

The index measures real-estate transactions where a contract was signed for a previously-owned home but the sale had not yet closed, benchmarked to contract-signing activity in 2001.

What happened: Pending home sales increased across all parts of the country, led by a 25.2% gain in the Northeast. With demand for homes so high, properties are flying off the market. Nine contracts are being signed for every 10 new listings, Yun said.

The National Association of Realtors once again upgraded its forecast for home sales in 2020. The group now expects existing-home sales to increase to a pace of 5.8 million in the second half of the year. If that were to happen, the rate of sales for the entire year would be 5.4 million, which equates to a 1% gain from a year ago. Last month, the NAR projected that sales would drop in 2020 compared with the previous year largely because of the pandemic.

The big picture: Demand for homes is high right now. Pent-up demand caused by the delayed spring home-buying season has combined with new demand created by low mortgage rates and a desire among many Americans to move to the suburbs in search of more space as people continue to work and to educate their children from home.

“A primary factor in the housing market being spared so far is due to the concentration of unemployment in the service industries in which wages are often too low to support home ownership, as well as mortgage forbearance plans which have prevented current homeowners facing hardship from facing the prospect of selling to avoid foreclosure,” said Ruben Gonzalez, chief economist at Keller Williams.

However, the housing market does have one major headwind that will prevent sales volumes from hitting records: Inventory. The number of homes available for sale is historically low, and buyers can’t purchase what’s not for sale. Unless more people are inspired to put their homes on the market, the nation’s housing inventory will limit how far sales volumes can climb for the foreseeable future.

What they’re saying: “Housing is one area where the recovery has been extremely swift — pending sales already jumped above pre-COVID levels in June, while price trends have held firm. You will not find a post-war recession with this type of behaviour from such a cyclical sector — but this is no normal downturn,” Robert Kavcic, senior economist at BMO Capital Markets, wrote in a research note.

Market reaction: The Dow Jones Industrial Average and the S&P 500 both rose slightly in Thursday morning trading.

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THIS WEEKS HOT HOME LISTING!

85440 Appletree Ct, Eugene, OR 

Price: $875,000    Beds: 4    Baths: 2.5    Sq Ft: 3450

Gorgeous, completely remodeled home in Lane County's wine country. Sweeping views of the Valley & coastal mountains. 9 private acres of pasture/meadow & trees behind a security gate. Newer roof, gutters, Brazilian Cherry hardwood flooring, Milgard w...View this property >> 

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Good Monday Morning!

The housing market is booming nationally and without any signs of slowing!  Here is the Eugene and Springfield market area, the inventory of homes for sale is currently at .9%.  I used to panic when inventory dropped below 4%. We are travelling through some uncharted waters with the current low housing inventories.  The amazing thing to me is that even with the current Covid situation, that our economy has remained as strong as it has.  Just think about what kind of economy we would be seeing right now if Covid had never occured.  Here is an article from "Realtor.com" that gives details about our current housing market.

The numbers: Sales of previously-owned homes in the U.S. rose 24.7% between June and July to a seasonally-adjusted annual rate of 5.86 million, the National Association of Realtors reported Friday.

It was the second consecutive month in which the monthly increase was the largest on record, according to the trade group. Compared with a year ago, sales were up 8.7% in July.

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” Lawrence Yun, NAR’s chief economist, said in the report. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

Economists polled by MarketWatch had expected existing-home sales to come in at a rate of 5.5 million in July.

What they’re saying: Economists, however, say two big caveats remain: the job market and the supply of available homes for sale.

“Continued healing in the housing market is a positive for the overall economy, but elevated jobless claims raise concerns about how sustainable this housing demand is, especially in the face of rising prices,” Realtor.com chief economist Danielle Hale said.

“Bolstered by record low mortgage rates and demand stemming from millennials aging into their household formation years, the potential for existing-home sales will likely continue to rise,” First American Financial chief economist Mark Fleming wrote in a report Thursday.

However, he added, “You can’t buy what’s not for sale. The limited supply of existing homes for sale will continue to be an issue, and it will take builders years at a faster pace to build enough new supply to make up for the imbalance between supply and demand.”

What happened: Sales of single-family homes were up 23.9% in July from a month earlier, while sales of existing condominiums and co-ops were up 31.8%.

Regionally, the Northeast experienced the biggest monthly increase in sales with a 30.6% jump, closely followed by the West’s 30.5% rise. All four regions nationally reported increases.

The median price for existing homes was $304,100 in July, up 8.5% from a year ago. It’s the first time that the national median home price surpassed the $300,000 threshold.

Unsold inventory was at a 3.1-month supply, down from 3.9 months in June and 4.2 months a year ago. Generally, a 6-month supply of homes is considered indicative of a balanced market.

The big picture: A number of factors suggested that existing-home sales were going to be high for July. This report measures when deals are closed — and the pending home-sales report measures when contracts are signed for existing homes.

Pending home sales in June were up compared with the previous year — a massive turnaround from earlier in the COVID-19 crisis when contract signings were down sharply. That makes sense given that by June most parts of the country had emerged from their coronavirus-related business shutdowns, which made consumers more willing to go out and make big purchases.

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THIS WEEKS HOT HOME LISTING!

2775 Central Blvd, Eugene, OR 

Price: $310,000    Beds: 2    Baths: 1.5    Sq Ft: 1732

Home is located in a highly desirable area near Laurelwood Golf Course. Very large and private lot. Soft views and great solar exposure. Wonderful one level floor plan with many options. Home needs a bit of TLC, but has exciting potential...View this property >> 

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Good Monday Morning!

Despite the reported recent rise in Corona virus cases, the national housing market is taking off.  I would assume that this means for most people thinking about purchasing a home, the pandemic crisis mode has ended.  The housing market in the Eugene and Springfield area is extrmely strong and is currently being driven by a suprisingly good economy and historic low mortgage interest rates.  The following is an article from "Relator.com" that talks about the red hot national Real Estate market.

The numbers: Sales of new single-family homes rose sharply for the second straight month in June, pushing the sales rate to its highest level in 13 years, according to data released Friday.

The annual sales pace for U.S. new-home sales rose 13.8% last month to 776,000, the Commerce Department said Friday. That’s above the prior cycle high of 774,000 hit in January and is the strongest since July 2007, according to the Mortgage Bankers Association.

Economists polled by MarketWatch had expected a June sales rate of 710,000, compared with an original May estimate of 676,000. On Friday, the government revised May’s rate to 682,000. That pushed the May rise in new home sales to 19.4%

What happened: Sales rose in all four regions, with the largest gain of 89.7% coming in the Northeast. June’s sales pace is 6.9% above a year earlier.

The median price of new homes was $329,200 in June. That is 5.6% above the price one year ago. There were 307,000 new homes estimated to be up for sale, which equates to a tight 4.7-month supply. A 6-month supply of homes is generally considered to be indicative of a balanced market.

Big picture: Only last month, one economist said it might take two years for new home sales to rise above January’s level. Housing is leading the recovery fueled by low mortgage interest rates. Some analysts also see an boost from workers deciding to move to the suburbs now that they can work from home. Mortgage applications for home purchases hit 11-year highs earlier this month. Still, the spread of the coronavirus in July adds some downside risk to the sector.

What are they saying? “The impact of falling mortgage rates - down 80 basis points this year - is more than offsetting the wave of Covid-induced job losses, which seem to be hitting younger renters rather than would-be homebuyers; the median buyer is 47 years of age, while the median restaurant employee is 29,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

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THIS WEEKS HOT HOME LISTING!

986 S 71st St, Springfield, OR 

Price: $649,999    Beds: 4    Baths: 3.5    Sq Ft: 2649

Beautiful well built and cared for home nestled in the tall fir and maple trees of the Thurston Hills. Open concept throughout. Kitchen features SS appliances & island with bar level seating. Living room has large windows for a great view & gas fire...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!