Good Monday Morning!

The Real Estate market in the Eugene and Springfield area remains fairly steady, with no significant swings in sales prices or inventory of homes for sale. Even though statistics are showing that there is no significant home market swing, those of us who are working in the Real Estate market in Lane County will tell you that there is a swing underway and the market is not heading in a good direction. There are far fewer buyers out looking at homes; the multiple offers that we saw in lower and median priced homes is for the most part a thing of the past, and price reductions on homes for sale is the rule and not the exception. The hope is that when the Fed meets on the 18th of this month, we might see a rate reduction of around 1/2 of a percent. This could happen, but the recent jobs report and other negative economic news of late could be the spoiler, and the Fed rate reduction could be much smaller if it happens at all. Economic uncertainty, the continuation of inflation, along with mortgage interest rates that have not decreased enough to have an effect on monthly payments, is taking a toll on the housing market. Without some positive change in the national economy, don't look for any sizable rebound in the housing market. Here are the home sales statistics for Lane County in August of 2024.

New Listings

New listings (485) decreased 9.0% from the 533 listed in August 2023, and decreased 4.3% from the 507 listed in July 2024.

Pending Sales

Pending sales (369) increased 3.4% from the 357 offers accepted in August 2023, and decreased 4.2% from the 385 offers accepted in July 2024.

Closed Sales

Closed sales (362) increased 2.8% from the 352 closings in August 2023, and increased 0.3% from the 361 closings in July 2024.

Inventory and Time on Market

Inventory held steady at 2.5 months in August. Total market time decreased to 46 days.

Year-to-Date Summary

Comparing the first eight months of 2024 to the same period in 2023, new listings (3,578) increased 5.1%, pending sales (2,698) increased 2.9%, and closed sales (2,492) increased 2.4%.

Average and Median Sale Prices

Comparing 2024 to 2023 through August, the average sale price has increased 0.8% from $472,700 to $476,500. In the same comparison, the median sale price has increased 1.1% from $435,000 to $439,900.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

3469 River Pointe Dr, Eugene, OR 

Price: $1,125,000    Beds: 4    Baths: 3.2    Sq Ft: 3363

This is a Gorgeous and extremely well kept home in the highly sought after River Pointe neighborhood of North Gilham. This home not only has many high end extras, but it has a floor plan that suits many lifestyles. The spacious Primary Bedroom is on... View this property >> 

 

AND HERE'S YOUR MONDAY MORNING COFFEE!!