Local Market Activity for December 2016
Good Monday Morning!
2016 was a hot year for home sales in the Eugene and Springfield market areas. The biggest story of 2016 though is the fact that the inventory of homes for sale was low all year and ended the year at 1.7 months of active inventory. Home sales in general slacked off towards the end of the year, but much of this was due to the low inventory of homes for sale. This trend has carried over into January of 2017 as well.
Lane County ended the year with some cooling, but new listings saw a slight uptick from last year. The 215 new listings offered in December surged 1.9% ahead of the 211 new listings offered last year in December 2015, despite a 22.1% decrease compared to last month in November 2016 (276).
Closed sales (370) fell 6.1% short of the 394 closings posted in December 2015 and 1.6% short of the 376 closings posted last month in November 2016.
Pending sales, at 249, fared similarly, showing a decrease of 9.8% from December 2015 (276) and 23.9% from November 2016 (327).
Total market time increased to 77 days in December, with inventory decreasing slightly to 1.7 months.
Year to Date Summary
Comparing the whole of 2016 to the same in 2015, closed sales (5,163) increased 6.1% and pending sales (5,241) increased 3.4%. New listings (6,173) decreased 3.3%.
Average and Median Sale Prices
Comparing 2016 to 2015, the average sale price rose 8.3% from $243,500 to $263,700. In the same comparison, the median sale price rose 7.7% from $220,000 to $237,000.
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