Latest Market Activity for February 2018
Good Monday Morning!
The Real Estate market in the Eugene and Springfield area shows no sign of change. Home sales remain strong and the inventory of homes for sale remains extremely low. The inventory is critically low in the price ranges for first time buyers from $150,000 to $300,000. The cost of homes in our area also continues to increase and the inventory of affordable brand new housing is close to non-existant. Mortgage intereste rates dropped slightly and are now at around 4.4% for 30 year fixed financing. Here is the report for February 2018.
Lane County saw mixed activity this February, but most measures were ahead of February 2017. Closed sales (295) outpaced February 2017 (247) by 19.4% but fell 9.5% short of the 326 closings recorded last month in January 2018. It was the strongest February for closings in Lane County since 2007, when 305 were recorded.
Similarly, pending sales (392) rose 6.2% ahead of the 369 offers accepted in February 2017 but fell 7.8% short of the 425 offers accepted last month in January 2018.
New listings, at 372, were 5.3% short of the 393 new listings recorded last year in February 2017 and 12.7% short of the 426 new listings recorded last month in January 2018.
February saw total market time decrease by two days to end at 64 days. Inventory crawled slightly upward in the same month, ending at 1.8 months.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending February 28th of this year ($290,400) with the average price of homes sold in the twelve months ending February 2017 ($265,900) shows an increase of 9.2%. The same comparison of the median shows an increase of 10.5% over that same period.
Have an awesome week!
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