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Lack of Inventory Shows Decline In Home Sales

by Galand Haas

Good Monday Morning!

April saw little change in the Eugene and Springfield area Real Estate market from March 2019.  The statistics do show that we have had a slight decline in home sales from April of 2018.  The largest issue for the lane County housing market is the continued lack of inventory of homes for sale. This is particularly true in the price ranges of below $350,000 where the majority of the buyer demand is. Here are the numbers for April 2019.

New listings in Lane County saw an increase this April, with other numbers mixed. There were 578 new listings, a 1.2% increase over the 571 offered back in April 2018, and a 30.2% increase over the 444 offered last month in March 2019.

Closed sales, at 364, fell 7.1% short of the 392 closings recorded in April 2018 but rose 15.9% from the 314 recorded last month in March 2019.

Pending sales (466) fared similarly, cooling 9.7% from the 516 offers accepted in April 2018 but edging 2.9% over the 453 offers accepted last month in March 2019.

Total market time decreased in April to 48 days, and inventory decreased very slightly to 1.7 months during the same period. There were 634 active residential listings in Lane County this April.

Average and Median Sale Prices

Comparing 2019 to 2018 through April, the average sale price has increased 4.1% from $294,600 to $306,600. In the same comparison, the median sale price has increased 3.4% from $270,700 to $280,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $440,000    Beds: 3    Baths: 2.5    Sq Ft: 2150

Private house on a Shared Private Driveway. RV parking space. Spacious kitchen, living, and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

We are in mid Spring and the home buying/selling season is upon us in the Eugene and Springfield areas.  The good news is that there are plenty of new home listings hitting the market right now.  This is welcome news after months of extremely low inventories of homes for buyers to look at.  Along with more homes to look at, home buyers are also enjoying the fact that mortgage interest rates continue to decline.  We may have a window here that is very favorable for home buyers and this will also become an opportunity for home sellers. Right now, just might be the best time this year to purchase or sell a home.  

The following is an article from "Forbes" that gives you information on what has been taking place with home mortgages.  I am not sure as to how long these favorable rates are going to last, but for right now, buyers are able to take advantage of some really good rates.

Mortgage rates are showing signs of moderating this month, following increases in April. Borrowers are discovering much lower rates compared to a year ago.

“A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending May 9:

  • 30-year fixed-rate mortgages: averaged 4.10%, with an average 0.5 point, falling from last week’s 4.14% average. Last year at this time, 30-year rates averaged 4.55%.
  • 15-year fixed-rate mortgages: averaged 3.57%, with an average 0.4 point, falling from last week’s 3.60% average. A year ago, 15-year rates averaged 4.01%.

5-year hybrid adjustable-rate mortgages: averaged 3.63%, with an average 0.4 point, falling from last week’s 3.68% average. A year ago, 5-year ARMs averaged 3.77%.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2945 Ava Street  

Price: $325,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. This home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

This Year Could Be Busier Than Originally Predicted

by Galand Haas

Good Monday Morning!

National Real Estate economists are now changing their thoughts about the 2019 national housing market.  The following is an article that was recently published in "Realtor.com", that gives an updated prediction for the 2019 U.S. housing market.

Despite a real estate slowdown gripping the nation, this year's housing market is expected to be busier than realtor.com® economists originally predicted late last year. That means more home sales—and higher prices—are on the way.

The anticipated uptick in activity is due to lower mortgage rates, which make homes more affordable for buyers. The economic team expected rates to climb to 5.5% in 2019, but instead they have hovered around 4%. (They were 4.17% on 30-year, fixed-rate mortgages as of April 18, according to Freddie Mac data.) Economists say rates are now likely to rise a little to 4.5%, still well below what buyers were dreading.

However, it'll be nothing like the feeding frenzy of recent years.

"It's still going to be a lukewarm year for the housing market," says Chief Economist Danielle Hale of realtor.com. "We're going to see higher prices and slightly higher home sales than we expected. But home sales are still going to decline slightly as a result of the housing slowdown. There's a gap between what sellers are looking for and buyers are hoping to pay."

While a single percentage point difference may not seem that significant, it can add more than $100 to the monthly loan payment on a median-priced home of $300,000. (This assumes buyers put 20% down.) That can translate into tens of thousands of dollars over the life of a 30-year loan.

The downside for buyers—and upside for sellers—is that prices are expected to rise more than Hale's team originally forecast, going up 2.9% in 2019 instead of 2.2%. That's because the swelling ranks of buyers motivated by those lower mortgage rates will increase demand—and therefore prices.

Meanwhile, realtor.com's economists predict the number of home sales will almost hold steady, dipping just 0.3%. They originally believed the number of sales would fall by 2%.

The market has slowed down from previous years because sellers, seeing an end to the good days of high prices, rushed to put their homes on the market. But this happened at the same time that many buyers backed off because of those same high prices. The glut in supply led to lower price growth and fewer home sales.

But as always, local conditions will be the main factor for real estate in your market, Hale says.

"In some markets there’s still not enough housing available, so buyers are likely to find a competitive market," she says. "But in some markets prices are so high that buyers are choosing to be patient and sit on the sidelines."

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3913 Royal Ave  

Price: $350,000    Beds: 3    Baths: 2.0    Sq Ft: 1572

New Construction that backs up to an expansive Park. Open Living, Dining, & Kitchen. Master bedroom with walk-in closet. Carpet in all bedrooms. Home has vaulted ceilings, granite counters, high end cabinets and wood floors. This home includes an in...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Displaying blog entries 1-3 of 3

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Photo of Galand Haas Team  Real Estate
Galand Haas Team
Keller Williams Realty Eugene and Springfield
2644 Suzanne Way
Eugene OR 97408
Direct: (541) 349-2620
Fax: 541-687-6411

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