August Is Typically One Of The Strongest Home Sales Months Of The Year
Good Monday Morning!
The month of August is typically one of the strongest home sales months of the year in Lane County. August of 2023 saw over a 24% drop in closed home sales from August of 2022. This is the continuation of the trend we have seen over the past several months of the Summer sales season where we also saw the number of closed home sales decline in Lane County. This trend is not just local, but it also reflects the trend of home sales in most national Real Estate markets. The interesting statistic in our local market is that we are continuing to see the price of homes sold increase. This trend is completely different than most declining markets, where we would typically see home values dropping due to lack of demand. If home sales continue to sag, we will see a decline in home values begin soon. Here are the home sales numbers for Lane County in the month of August 2023.
New Listings
New listings (533) increased 7.2% from the 497 listed in August 2022, and increased 16.6% from the 457 listed in July 2023.
Pending Sales
Pending sales (357) decreased 22.1% from the 458 offers accepted in August 2022, and decreased 8.2% from the 389 offers accepted in July 2023.
Closed Sales
Closed sales (352) decreased 24.1% from the 464 closings in August 2022, and increased 2.0% from the 345 closings in July 2023.
Inventory and Time on Market
Inventory increased to 2.2 months in August. Total market time increased to 33 days.
Year-to-Date Summary
Comparing the first eight months of 2023 to the same period in 2022, new listings (3,403) decreased 17.7%, pending sales (2,623) decreased 22.1%, and closed sales (2,433) decreased 23.9%.
Average and Median Sale Prices
Comparing 2023 to 2022 through August, the average sale price has decreased 0.7% from $475,900 to $472,700. In the same comparison, the median sale price has decreased 0.4% from $436,800 to $435,000.
Note: This data compares the rolling average sale price for the last 12 months (ex: 2/1/22-1/31/23) with 12 months before (ex: 2/1/21-1/31/22).
Residential Trends
August 2023 vs. July 2023
New Listings +16.6% Pending Sales -8.2% Closed Sales +2.0% Average Sale Price +2.8% Median Sale Price +1.1%Inventory +0.3 Total Market Time +4
August 2023 vs. August 2022
New Listings +7.2% Pending Sales -22.1% Closed Sales -24.1% Average Sale Price +6.7% Median Sale Price 0.0%Inventory +1.0 Total Market Time +6
|
Sale Price Percent Change vs Previous 12 Months |
|
Average Sale Price % Change: +1.1% ($472,800 v. $467,600) |
|
Median Sale Price % Change: +2.4% ($435,000 v. $425,000) Have An Awesome Week! |
Stay Healthy! Stay Safe! Remain Positive! Trust in God!
THIS WEEKS HOT HOME LISTING!
2434 E Irwin Way, Eugene, OR
Price: $365,000 Beds: 3 Baths: 1.5 SqFt: 1056
This single level ranch style home is located on a quiet street near Irwin Park and the Golden Garden Pond. RV parking and an attached 2-car garage with built-in storage. Vinyl windows, newer carpet & vinyl, large fenced yard with a patio...View this property >>
AND HERE'S YOUR MONDAY MORNING COFFEE!!
