Local Market Activity for June 2016
Good Morning!
Here are the statistics for the June Real Estate market in the Eugene and Springfield area. As you can see the month of June shows that our local market continues to be extremely strong and that the inventory of homes for sale continues to decline. In fact 1.8 months of inventory is the lowest that I can remember seeing in this market. Of concern is the fact that home prices continue to rise at a rapid pace. In fact, home values now show that they are at or slightly above pre-recession numbers. This is a concern, because at some point, we will begin to see price resistance from buyers. The fact that the local economy is not keeping up with home price increases means that many buyers are now going to be taken out of the market because they can no longer afford to buy at the new higher prices. When we hit this point, it will put pressure on pricing and the market will begin to trend downwards. Any spikes in mortgage interest rates at this time could be very negative to a healthy Real Estate market here.
If you are consideriing the sale of a home, this may be your last opportunity to take advantage of this strong sellers market.
June Residential Highlights
Real estate activity in Lane County was mixed this June. Closed sales (524) rose 18.8% compared to May 2016 (441), but fell 2.2% short of the 536 closings recorded last year in June 2015. New listings (671) rose 2.1% over May 2016 (657) but fell 1.3% short of the 680 new listings offered last year in June 2015.
Pending sales (555) ended 0.4% short of June 2015 (557) and were 2.1% short of the 567 offers accepted last month in May 2016.
Inventory decreased to 1.8 months in June, with total market time decreasing to 49 days. Lane County ended June with a total of 959 active residential listings.
Year to Date Summary
Comparing the first half of 2016 to the same period of 2015, closed sales (2,379) have increased 9.9% and pending sales (2,852) have increased 5.8%. New listings (3,402) have decreased 5.3%.
Average and Median Sale Prices
Comparing 2016 to 2015 through June of each year, the average sale price rose 7.4% from $241,300 to $259,100. In the same comparison, the median sale price rose 6.2% from $219,000 to $232,500.
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