The January numbers are in for the Eugene and Springfield Real Estate market. Our current trend continues with higher home prices and a very low inventory of homes on the market for sale. Home prices are up over 8% over the past twelve months, which along with a slight bump in mortgage interest rates has made our local market the least affordable it has been in over three years.
Don't look for this trend to end quickly. If you are wanting to purchase a home this year, you may have more difficulty finding that perfect home. Many of the homes that we are currently finding for our buyers are homes that we have knowledge of before they hit the market. If you are serious about purchasing a home this year, your best bet would be to contact us, so that we can determine what you are wanting to purchase and then work to find you that home. It's harder, but we have been very successful at it.
January Residential Highlights
Lane County started the year a little cooler than last January. Closed sales (273) fared 5.0% better than in January 2016 (260) although falling 26.2% compared to last month in December 2016 (370).
Pending sales, at 318 for the month, ended 3.6% under the 330 offers accepted last January but were 27.7% ahead of last month in December 2016.
Similarly, new listings, at 320, ended 23.8% below last January (420) but showed a 48.8% increase from the 215 new listings offered last month in December 2016.
Inventory increased in Lane County to 2.1 months in January, with total market time decreasing by twelve days to end at 72 days.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending January 31st of this year ($264,800) with the average price of homes sold in the twelve months ending January 2016 ($244,400) shows an increase of 8.3%. The same comparison of the median shows an increase of 7.7% over that same period.
Have An Awesome Week!
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