Real Estate Information Archive

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 >> 

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Good Monday Morning!

Mortgage interest rates remain at historic low levels and believe it or not, they could dip even lower.  Not only have these low mortgage interest rates created a heated housing market, but they are also bringing on a refi boom.  Don't look for things to change any time soon, so the rates we see to day, just may be here for a while.  Here is an article from "Realtor.com" that will give you a good look at our current home financing picture.

At the beginning of the coronavirus pandemic, mortgage industry experts forecast that benchmark interest rates might fall, but wouldn’t drop below 3%. But now, that’s just what has happened.

And many economists predict that mortgage rates will remain below that threshold into 2021.

The 30-year fixed-rate mortgage averaged 2.98% for the week ending July 16, down five basis points from the previous week, according to Freddie Mac.

This is the first time since Freddie Mac began tracking mortgage rates in 1971 that the rate on the 30-year mortgage dropped below 3%. And it is the seventh time so far this year that Freddie Mac’s mortgage rate survey had reported a record low.

Meanwhile, the 15-year fixed-rate mortgage dropped three basis points to an average of 2.51%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage rose four basis points to an average of 3.06%.

Concerns regarding the state of the economy amid the coronavirus pandemic have fueled the benchmark interest rate’s steady decline since the start of the year.

“A lot of it has been driven by the broader pandemic impact to the economy,” said Joel Kan, associate vice president of economic and industry forecasting for the Mortgage Bankers Association. “For a while we looked like we might be in a better place. But right now markets have been reacting to the resurgence in cases.”

Sub-3% mortgage rates could be here to stay. A new economic forecast by Fannie Mae projects that the 30-year fixed-rate mortgage will average 2.8% next year. And economists at Realtor.com estimate that rates will average 3.2% throughout the year but hit 2.9% by the end of the year.

“Yes, mortgage rates below 3% are possible,” said Danielle Hale, chief economist at Realtor.com.

The spread of rates available in the mortgage market right now is quite wide. And getting access to these record low rates isn’t easy for all applicants.

Mortgage lenders have tightened their credit and imposed stricter standards for qualification because of the coronavirus. At the start of the pandemic, lenders witnessed a massive wave of refinance applications just as companies were shifting to working remotely, which caused long delays to close the loans for some borrowers.

And as the pandemic progressed, the mortgage industry faced a major uptick in requests for forbearance (skipping payments for a certain period) as homeowners grew worried about their finances amid rising unemployment.

“While rates are historically accommodative, only a portion of the market can take advantage,” said Matthew Speakman, an economist at Zillow. “This will continue to be the case, due to uncertainties produced by the coronavirus.”

This hesitancy on the part of mortgage lenders though means that they have ample room to lower rates further. Historically, mortgage rates roughly track the yield on the 10-year Treasury. But the spread between mortgage rates and the 10-year yield grew at the start of the pandemic, as lenders refrained from slashing rates by as much as the Treasury note had fallen.

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THIS WEEKS HOT HOME LISTING!

2775 Central Blvd, Eugene, OR 

Price: $310,000    Beds: 2    Baths: 1    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!

The Real Estate market in the Eugene and Springfield area just cannot get any better for home sellers.  In my over 30 years of selling Real Estate in this area, I have never witnessed a sellers market like the one we have right now.  Buyer demand for houses is extremely strong, mortgage interest rates are at historic low levels and the prices homes are selling at are at record highs.  If you want to sell your home, you cannot afford to miss this market. The following are the numbers for homes sales in the Eugene/Springfield area for June 2020.

New listings (512) decreased 17.8% from the 623 listed in June 2019, and increased 5.6% from the 485 listed in May 2020.

Pending sales (554) increased 2.6% from the 540 offers accepted in June 2019, and increased 19.1% from the 465 offers accepted in May 2020.

Closed sales (399) decreased 15.3% from the 471 closings in June 2019, and increased 28.3% from the 311 closings in May 2020.

Inventory and Market Time

Inventory decreased to 1.3 months in June. Total market time decreased to 37 days.

Year-to-Date Summary

Comparing the first six months of 2020 to the same period in 2019, new listings (2,820) decreased 8.4%, pending sales (2,380) decreased 7.0%, and closed sales (1,949) decreased 13.4%.

Average and Median Sale Prices

Comparing 2020 to 2019 through June, the average sale price has increased 8.7% from $316,200 to $343,700. In the same comparison, the median sale price has increased 10.7% from $289,000 to $320,000.

If you are trying to figure out if selling your home is a wise move, contact me.  I can give you information that will help you make your decision.  I can also give you detailed information on your homes current market value.  It's all free and there is abolutely no obligation involved.  You need to check it out.  Call me at 541-349-2620. 

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THIS WEEKS HOT HOME LISTING!

2618 Manor Dr, Springfield, OR 

Price: $315,000    Beds: 3    Baths: 1    Sq Ft: 1266

Absolutely wonderful, extremely well kept home in highly desirable Hayden Bridge neighborhood. 1/4 acre lot with well manicured landscaping, RV parking area, covered back patio and lots of privacy. This home has hardwood floors, newer roof, updated...View this property >> 

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Good Monday Morning!

The Real Estate Market in the Eugene and Springfield market area is what I would call "HOT"! There are currently more buyers than sellers, creating a buying frenzy on homes currently for sale. Near record low mortgage interest rates have home buyers out in droves, but the Covid19 virus situation still has sellers reluctant to sell their homes. As I have said previously, if you are thinking about selling your home this year, don't miss this current market.

Video Link: http://www.eugeneoregonhomesforsale.com/video/Realtorcom-COVID-19-Housing-Market-Update-070320

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Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

2775 Central Blvd, Eugene, OR 

Price: $335,000    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!

In the Eugene and Springfield home market area, the Real Estate market is anything but slow.  The number of home buyers out shopping has outpaced the number of homes for sale and this is causing both inflation in home pricing and in many cases bidding wars.  Many people find it hard to believe that we can have such a robust housing market during a so called recession and also during a period of recent social unrest.  The reality is that this market is a reality and it's not going to change any time soon.  The followng is an article from "Realtor.com" that discusses the recent hot housing market.

An official recession, a deadly pandemic, and a national reckoning on racism aren't blunting the housing market's rebound.

As the summer home-buying season gets underway, median home prices are surging. They shot up 4.3% year over year as the number of homes for sale continued to dry up in the week ending June 6, according to a recent realtor.com® report. That's correct: Prices are going up despite this week's announcement that the U.S. officially entered a recession in February.

While that's below the typical 5% to 6% annual price appreciation this time of year, it's nearly back to what it was before the coronavirus pandemic. Median prices were rising 4.5% in the first two weeks of March before the COVID-19 lockdowns began. Nationally, the median home list price was $330,000 in May, according to the most recent realtor.com data.

“The big surprise of the housing market is that prices have remained quite resilient," says realtor.com Senior Economist George Ratiu. He doesn't expect prices to drop over the next few months. “The summer housing market will be better than expected, but far off the normal pace.”

The culprit for the increasing prices: a lack of homes for sale and a rush of buyers. The total number of home listings on realtor.com was down 25% in the first week in June compared with the previous year—when there was also a housing shortage. In the first two weeks of March, listings had fallen 16% annually.

“The number of listings is shrinking at a faster pace, and it’s causing prices to go up,” says Ratiu. That's the exact opposite of the Great Recession, where a housing bust tanked the economy and home prices were slashed. "The [housing] market isn’t in the dire straits that it was the last time around.”

Meanwhile, buyers who still have jobs have been descending on the market en masse, enticed by record-low mortgage interest rates. Rates fell below 3%, to hit an all-time low of 2.94% for 30-year fixed-rate loans on Thursday, according to Mortgage News Daily.

The market typically begins warming up in the spring and then reaches a fever pitch by the summer. Families often prefer to move in the summer when the kids are on break from school. That means buyers seeking an affordably priced home this summer should expect multiple officers and bidding wars, which drive prices up even further, instead of deals.

“For most people it will be a competitive buying market," says Lawrence Yun, chief economist of the National Association of Realtors®. “For lower-priced and medium-priced homes, multiple offers will be fairly common. On the luxury end, some price reduction will be required because there’s plentiful inventory.”

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

2775 Central Blvd, Eugene, OR 

Price: $335,000    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!

Nationally homes sales were down last month as home prices continue to climb. This is the exact same trend that we are experiencing in the Eugene and Springfield home market areas. Mortgage interest rates continue to be extremely favorable and have even declined some. Locally, the housing market is extremely good for home sales. Low inventories of homes for sale and a large number of ready buyers has created one of the best markets for sellers that I have encountered in over 30 years of home sales. If you are considering the sale of your home, don't miss this market. It will not be here forver!!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-June-2020

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

2618 Manor Dr, Springfield, OR 

Price: $310,000    Beds: 3    Baths: 1    Sq Ft: 1266

Absolutely wonderful, extremely well kept home in highly desirable Hayden Bridge neighborhood. 1/4 acre lot with well manicured landscaping, RV parking area, covered back patio and lots of privacy. This home has hardwood floors, newer roof, updated...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

The Real Estate market in Lane County continues to be below 2019 levels in numbers of new homes coming on the market and in home sales.  The one area that our local market continues to see increase is in home values.  With 2 months inventory of homes for sale, there are a few more homes for sale than last year, but at the price range of $400,000 and below, the inventory is low and homes sales are extremely active. In the price range of $300,000 and lower the inventory is extremely low and this part of the market is as hot as I have ever seen.  There are far more buyers than there are homes for sale in this price range.  The following statistics will show you how May of 2020 compared to the market we saw in May of 2019.

May Residential Highlights

New listings (485) decreased 30.2% from the 695 listed in May 2019, and increased 18.0% from the 411 listed in April 2020.

Pending sales (465) decreased 15.3% from the 549 offers accepted in May 2019, and increased 31.4% from the 354 offers accepted in April 2020.

Closed sales (311) decreased 34.9% from the 478 closings in May 2019, and decreased 2.5% from the 319 closings in April 2020.

Inventory and Market Time

Inventory held steady at 2.0 months in May. Total market time increased to 38 days.

Year-to-Date Summary

Comparing the first five months of 2020 to the same period in 2019, new listings (2,289) decreased 6.2%, pending sales (1,842) decreased 10.1%, and closed sales (1,539) decreased 13.1%.

Average and Median Sale Prices

Comparing 2020 to 2019 through May, the average sale price has increased 8.9% from $312,800 to $340,700. In the same comparison, the median sale price has increased 12.3% from $285,000 to $320,000.

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THIS WEEKS HOT HOME LISTING!

4312 Cole Way, Springfield, OR 

Price: $229,000    Beds: 1    Baths: 1    Sq Ft: 880

Located close to Clearwater Park, this adorable home is perfect for easy living. Beautifully remodeled bathroom with quartz counters, freshly painted interior, new carpet in the loft/master bedroom, new LED lighting & a new roof in 2019. Concrete fl...View this property >> 

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