Good Monday Morning!

I am seeing a trend in our local housing market that is not good.  The overall market remains strong, but the inventory of homes remains low and dropped from that of March.  In February we had an inventory of 2.2 months and this declined in March to 1.8 months.  At the same time, we had an increase in the cost of homes in our area.  There are fewer homes on the market and those homes that are for sale are continuing to be more expensive.  The primary issue here is that there really are not many homes available for the first time buyer in our area.  First time buyers purchasing homes are what keeps a housing market healthy.  Our market in Eugene and Springfield in my mind is anything but healthy at this point.  It has been a great market for sellers and a horrible market for buyers for some time now.  Now with housing prices soaring, the market is becomeing tougher for sellers, even though the inventory is lower.  This is due to affordability.  This cannot sustain itself and I am predicting that at some point this year, we will see this market shift dramatically. Time will tell.  Here are the numbers for Lane County home sales during March of 2019.

March Residential Highlights

Lane County saw an uptick in seasonal activity this March, but had cooler activity than in 2018. There were 453 pending sales, ending 7.4%under the 489 offers accepted last year in March 2018 but 47.1% aheadof the 308 offers accepted last monthin February 2019.

New listings, at 444, slipped 16.4%from March 2018 (531) but ended 35.0% ahead of the 329 new listings offered last month in February 2019.

Closed sales (314) fared similarly, showing a 22.3% decrease from March 2018 (404) and a 9.0% increase compared with February 2019 when 288 closings were recorded.

Inventory decreased to 1.8 months in March, with total market time decreasing to 60 days.

Average and Median Sale Prices

Comparing the average price of homes ending March 31st of this year ($311,900) with the average price of homes sold in the twelve months ending March 2018 ($292,800) shows an increase of 6.5%. The same comparison of the median shows an increase of 7.5% over the same period.

 

Have An Awesome Week!

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Price: $337,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. this home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!