Good Monday Morning!

January 2021 home sales numbers are in and there are some slight changes, but for the most part our trend of low home inventory high demand continues, .8 months for January.  Even though there were some slight improvements in the number of homes for sale in January over December, the inventory remains at a historic low level.  Most concerning is the fact that home prices continue to escalate and the average home sale price in Lane County for January was over $380,000.  My concern is that the price of homes continues to spiral upward, but incomes levels in Lane County do not.  At some point in time and it will be sooner than later, the price of homes will exceed the appetite of the market and homes sales will begin to slump.  Inventory will then increase and pressure will be put on home prices.  This is a trend that repeats itself over and over again with real estate markets.  I am still stating that we are at the top of the market for home values and demand.  If you are thinking of selling a home, don't put this off.  You will be selling at top market value, which may not be the case soon.  Here are the numbers for Lane County home sales in January 2021.

January Residential Highlights

New listings (343) decreased 19.3% from the 425 listed in January 2020, and increased 30.9% from the 262 listed in December 2020.

Pending sales (348) decreased 2.2% from the 356 listed in January 2020, and increased 18.0% from the 295 offers accepted in December 2020.

Closed sales (288) increased 18.0% from the 244 listed in January 2020, and decreased 35.3% from the 445 closings in December 2020.

Inventory and Market Time

Inventory increased to 0.8 months in January. Total market time decreased to 34 days.

Year-to-Date Summary

Comparing the first month of 2021 to the same period in 2020, new listings (343) decreased 19.3%, pending sales (348) decreased 2.2%, and closed sales (288) increased 18.0%.

Average and Median Sale Prices

Comparing 2021 to 2020 through January, the average sale price has increased 17.0% from $328,000 to $383,700. In the same comparison, the median sale price has increased 16.3% from $305,000 to $354,700.

Have An Awesome Week!

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

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AND HERE'S YOUR MONDAY MORNING COFFEE!!