Trends Change In Eugene and Springfield Real Estate Market
Good Monday Morning!
The Real Estate market statistics for Lane County are in for the month of May and they certainly indicate some continuation of existing trends. Closed sales were down 9.9% over May of 2008, pending sales fell 4.2% and new home listings were off by a whopping 26.3% from May of last year. The interesting facts are that closed sales grew by 33.5% in May over April of this year, pending home sales grew by 1.6% and listings declines by 1.1% over the same period of time. There is currently an 8.1 month inventory of active properties for sale which is down by almost a point from April, but this number means that we remain heavy into the buyers market.
If you break this data down it shows you that home prices are down and continuing to decline, while there are far fewer homes to choose from. There was a large flurry of closed sales in May which is representative of the large number of homes that went pening in April The trend for home sales locally is weakening with only a slight increase in the number of pending sales in May. This could indicate that the recent rise in mortgage interest rates has put the brakes on our local housing market. With fewer homes on the market, sellers chances for a sale look improved but fewer buyers in the market could negate that benefit quickly.
My current feeling is that with an unemployment rate of 13.5%, the Lane County housing market is going to be a bumpy road for some time to come. Low mortgage interest rates could stimulate the market but further increases could have a seriously negative impact. If you are considering the sale of your home, I would not hesitate any longer with getting it on the market. When you get it on the market price it right!
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
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5947 OBSIDIAN AVE, SPRINGFIELD, Oregon
Description: Charming home featuring a great floor plan with wood-lam floors, new carpet, fresh & tasteful paint & lots of windows for a light & bright kitchen, dining room and living room. Upstairs th .... |
AND HERE'S YOUR MONDAY MORNING COFFEE!!
Sincerely,
Galand
