Latest Market Activity for May 2017
Good Morning!
May of 2017 showed as a very strong month for the Eugene and Springfield area housing market. Home sale were up and home price continued to increase. With home pricing up at near 10% over the last year, home affordability may be a huge factor in the coming months. Here is the May 2017 home sales report for Lane County.
Lane County had strong activity across the board this May. New listings (752) outpaced May 2016 (657) by 14.5% and April 2017 (577) by 30.3%. The last May that saw new listings as strong was in 2007, when 804 new listings were offered for the month.
Pending sales (638) bested May 2016 (567) by 12.5% and April 2017 (488) by 30.7%.—the strongest May on the RMLS record, which dates to 2001.
Closed sales (444) were less strong, but still edged 0.7% over the 441 closings from May 2016 and 23.0% over the 361 closings recorded last month in April 2017.
Total market time decreased to 51 days in May, with inventory slimming slightly to 1.6 months.
Year to Date Summary
Comparing the first five months in 2017 to the same period in 2016, new listings (2,642) have decreased 2.0%, closed sales (1,765) have decreased 3.1%, and pending sales (2,220) have decreased 4.4%.
Average and Median Sale Prices
Comparing 2017 to 2016 through May of each year, the average sale price rose 9.7% from $252,800 to $277,300. In the same comparison, the median sale price rose 8.7% from $229,900 to $250,000.
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