Conditions For Home Sales Improved As Mortgage Interest Rates Declined
Good Monday Morning!
Home sales in March of 2023 were off significantly from March of 2022. The primary reason for the decline in home sales was the declining inventory of homes for sale in our local market. Conditions for homes selling actually improved as mortgage interest rates declined in late March. The numbers of people out there looking to purchase a home has increased a bunch as the price of homes has become increasingly favorable and the cost of money has decreased. If home inventories increase and mortgage rates remain lower, April could see a huge rebound in home sales locally. If you are thinking about selling your home this year, do not miss out on this opportunity. This window could close quickly if mortgage rates go on the rise again. Here are the home sales statistics for Lane County in March of 2023.
New Listings
New listings (400) decreased 24.5% from the 530 listed in March 2022, and increased 40.4% from the 285 listed in February 2023.
Pending Sales
Pending sales (342) decreased 27.4% from the 471 offers accepted in March 2022, and increased 24.4% from the 275 offers accepted in February 2023.
Closed Sales
Closed sales (291) decreased 28.3% from the 406 closings in March 2022, and increased 26.5% from the 230 closings in February 2023.
Inventory and Time on Market
Inventory decreased to 1.4 months in March. Total market time decreased to 44 days.
Year-to-Date Summary
Comparing the first three months of 2023 to the same period in 2022, new listings (997) decreased 23.4%, pending sales (900) decreased 23.7%, and closed sales (713) decreased 26.0%.
Average and Median Sale Prices
Comparing 2023 to 2022 through March, the average sale price has decreased 3.1% from $459,800 to $445,500. In the same comparison, the median sale price has decreased 1.9% from $422,900 to $415,000.
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