Statistics For October 2024
Good Monday Morning!
Needless to say, our current Real Estate market in the Eugene and Springfield area has been challenging as of late. It is interesting that when we look at the market statistics for October 2024, the local housing market has not changed very much. In comparison to September, home sales in October were up slightly, time on the market increased, the number of homes for sale decreased, and at the same time, home values continued to increase. There were no huge surprises, but the overall market remains somewhat challenging for home buyers, with the inventory of homes dropping and mortgage interest remaining about the same. In the short term, my largest concern is the lack of home inventory and the fact that home prices are not declining, even with a softer purchase market. We may not see any huge change in our local housing market until we see some movement with mortgage rates and an improvement with the overall economy. Hopefully, we begin seeing both during the first quarter of 2025. Here are the Real Estate market numbers for October 2024 in Lane County.
New Listings
New listings (400) increased 7.5% from the 372 listed in October 2023, and decreased 5.7% from the 424 listed in September 2024.
Pending Sales
Pending sales (335) increased 12.0% from the 299 offers accepted in October 2023, and decreased 1.8% from the 341 offers accepted in September 2024.
Closed Sales
Closed sales (304) increased 4.5% from the 291 closings in October 2023, and increased 2.4% from the 297 closings in September 2024.
Inventory and Time on Market
Inventory decreased to 3.0 months in October. Total market time increased to 54 days.
Year-to-Date Summary
Comparing the first ten months of 2024 to the same period in 2023, new listings (4,418) increased 4.4%, pending sales (3,319) increased 3.5%, and closed sales (3,121) increased 1.7%.
Average and Median Sale Prices
Comparing 2024 to 2023 through October, the average sale price has increased 0.1% from $475,600 to $475,900. In the same comparison, the median sale price has increased 0.7% from $437,000 to $440,000.
Have An Awesome Week and Happy Veteran's Day!
Stay Healthy! Stay Safe! Remain Positive! Trust in God!
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