Real Estate Information Archive

Latest Market Activity for October 2017

Monday, November 20, 2017

by Galand Haas

Good Monday Morning!

October home sales in the Eugene and Springfield are were down seasonally, but remain strong and above October 2016 home sales. Here are the October 2017 statistics.

October Residential Highlights

Lane County saw some mixed activity in October, but numbers are up across the board compared to October 2016. Pending sales (477) showed a 14.4% increase over October 2016 (417) and a 3.7% increase compared to last month in September 2017 (460). It was the strongest October for pending sales in Lane County since at least 2001!

New listings, at 446, increased 23.5% compared to October 2016 (361) but fell 14.9% short of the 524 new listings entered just last month in September 2017.

Closed sales fared similarly—at 428 in October, closings increased 6.5% from October 2016 but decreased 7.6% from last month in September 2017.

Year to Date Summary

Comparing the first ten months in 2017 to the same period in 2016, new listings (5,782) have increased 2.3%, closed sales (4,368) have remained steady, and pending sales (4,629) have decreased 1.9%.

Average and Median Sale Prices

Comparing 2017 to 2016 through October of each year, the average sale price rose 9.5% from $263,200 to $288,200. In the same comparison, the median sale price rose 10.6% from $235,000 to $260,000.

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Housing Shortage Effects Home Prices

Thursday, September 7, 2017

by Galand Haas

Good Morning!

If you are interested in what is taking place with our national housing market, the following article will give you a good idea as to what is taking place. This article from "Realtor.com", talks about the shortage of homes for sale and the effect it is having on home prices.

It's anyone's guess just how much higher home prices will go—and if they'll ever slow down. Besides, if you could see the future, wouldn't you rather focus your energies on predicting the winning lottery numbers?

Nationally, the median existing-home price for single-family abodes zoomed up to $255,600 in the second quarter of the year, according to the new quarterly report from the National Association of Realtors®. (Existing homes are previously lived-in residences as opposed to newly built abodes.) That was up 10.1% from the first quarter of the year and represented a 6.2% rise from the second quarter of last year.

Prices are continuing their steady climb because there simply aren't enough homes on the market to go around. As the economy has improved, more people who held off on becoming homeowners or trading up to bigger, better abodes are getting into the market. "Household incomes may be rising and giving consumers assurance that now is a good time to buy," NAR Chief Economist Lawrence Yun said in a statement. "But these severe inventory shortages will likely continue to be a drag on sales potential the second half of the year."

The cost of buying a single-family home increased in about 87% of the metros that NAR looked at. Prices dropped in just 23 markets.

That might explain why sales of all existing homes, which include both single-family residences and condos, fell 0.9% in the second quarter. They hit 5.57 million, according to the seasonally adjusted numbers in the report.

"With new supply not even coming close to keeping pace, price appreciation remained swift in most markets," Yun said. "An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth-building benefits of homeownership."

Even the median prices of lower-priced condos and co-ops shot up to $239,500. That's up nearly 9.5% from the first quarter of 2017 and represented a 5.4% rise from the second quarter of last year. Sorry, buyers.

The most expensive metros were, unsurprisingly, primarily in California. Silicon Valley's San Jose topped the list with a median price of$1,183,400 for a single-family, existing home, according to the report.

Silicon Valley buyers are "commonly very well-to-do people in their mid-20s to mid-40s. Most typically are working in high tech," says Realtor® Avi Urban of Keller Williams Palto Alto. "Many of them are making enormous amounts of money."

But prices fluctuate during the year depending on the season as well as the local job market, he says.

"As long as the Silicon Valley economy is doing well, I do not expect prices to go down," Urban says. "I expect prices to continue with more gradual, moderate appreciation."

San Jose was followed by its neighbor to the north, San Francisco, at $950,000; Anaheim, CA, at $788,000; Honolulu, at $760,600; and San Diego, at $605,000.

Meanwhile, the cheapest metros were Youngstown, OH, at $87,000; Cumberland, MD, at $98,200; Decatur, IL, at $107,400; Binghamton, NY, at $109,000; and Elmira, NY, at $111,600.

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Latest Market Activity for May 2017

Friday, June 23, 2017

by Galand Haas

Good Morning!

May of 2017 showed as a very strong month for the Eugene and Springfield area housing market. Home sale were up and home price continued to increase. With home pricing up at near 10% over the last year, home affordability may be a huge factor in the coming months. Here is the May 2017 home sales report for Lane County.

Lane County had strong activity across the board this May. New listings (752) outpaced May 2016 (657) by 14.5% and April 2017 (577) by 30.3%. The last May that saw new listings as strong was in 2007, when 804 new listings were offered for the month.

Pending sales (638) bested May 2016 (567) by 12.5% and April 2017 (488) by 30.7%.—the strongest May on the RMLS record, which dates to 2001.

Closed sales (444) were less strong, but still edged 0.7% over the 441 closings from May 2016 and 23.0% over the 361 closings recorded last month in April 2017.

Total market time decreased to 51 days in May, with inventory slimming slightly to 1.6 months.

Year to Date Summary

Comparing the first five months in 2017 to the same period in 2016, new listings (2,642) have decreased 2.0%, closed sales (1,765) have decreased 3.1%, and pending sales (2,220) have decreased 4.4%.

Average and Median Sale Prices

Comparing 2017 to 2016 through May of each year, the average sale price rose 9.7% from $252,800 to $277,300. In the same comparison, the median sale price rose 8.7% from $229,900 to $250,000.

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This Month in Real Estate May 2017

Wednesday, May 10, 2017

by Galand Haas

Good Morning!

As you see in this weeks video, home sales and home prices are up across the nation. Nationally, an increase in home prices of 6.3% is a continuation of the multi-year trend of elevated home prices. Locally, we have outpaced the nation with the escalation of home prices. This is good news for home sellers as most markets across the nation have equaled or exceeded pre-recession home prices. One factor leading to the brisk home sales is the fact that mortgage interest rates have fallen and are now closer to historic low rates. It could be a busy Summer for home sales both nationally and locally!

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Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-May-2017

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Latest Market Activity for March 2017

Monday, April 17, 2017

by Galand Haas

Good Monday Morning!

Home sales in Lane County were on the rise again last month, but the number of homes actively on the market for sale took a dive. It still remains a great market for home sellers and a challenging market for homebuyers in Lane County. Home price in our area also continues to climb. With the recent decrease in mortgage loan interest rates, don't look for any change soon. Here are the numbers for Lane County Real Estate in March of 2017.

Activity is warming up for the season in Lane County, although numbers seem to be a bit cooler this year compared to 2016. Closed sales (355) ended 3.3% below the 367 closings recorded last year in March 2016, but were a 43.7% improvement over the 247 closings recorded last month in February 2017.

New listings (537) fared similarly, ending 3.8% under the 558 new listings offered in March 2016 but increasing 36.6% compared to last month in February 2017.

There were 478 pending sales, a 29.5% increase from last month (369) but 7.7% under the offers accepted in March 2016 (518).

Inventory in Lane County edged down to 1.7 months in March. Total market time averaged downward as well, ending at 69 days.

Average and Median Sale Prices

Comparing the average price of homes in the twelve months ending March 31st of this year ($268,100) with the average price of homes sold in the twelve months ending March 2016 ($244,600) shows an increase of 9.6%. The same comparison of the median shows an increase of 7.9% over that same period.

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Local Market Activity for January 2017

Friday, February 24, 2017

by Galand Haas

Good Morning,

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.

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2017 Housing Forecast

Monday, February 20, 2017

by Galand Haas

Good Monday Morning!

Anyone who has been keeping in touch with either the local or national housing market trends knows that 2016 was a record year for home sales. 2017 is starting off totally different than the previous year, though. There are many questions as to what kind of Real Estate market 2017 will turn out to be. Here is an article from Realtor.com that talks about the direction that the 2017 housing market will most likely take.

The days of multiple bids and offers that are typically way higher than a home’s asking price—you know, that stuff that we now consider to be normal in the housing biz—aren’t expected to disappear anytime soon. But here’s the good news: Things aren’t expected to get too much worse in 2017 either.

Rising mortgage rates, as well as a dearth of affordable, existing homes (i.e., previously lived-in residences) on the market, are expected to lead to a smaller increase in sales in 2017, according to the latest quarterly survey from the National Association of Realtors®.

The survey was of nearly 2,800 U.S. households and conducted from October through early December.

Existing-home prices are expected to go up 4% in 2017, slowing down just a bit from 5% in 2016, according to NAR.The pace of sales is also expected to slow, rising just 2% in 2017, compared with 3.3% in 2016

All in all, 2016 is expected to be the best year for existing-home sales since the height of the housing boom in 2006.

The challenges ahead2017 will “be a year of growth in both sales and prices,” says Chief Economist Jonathan Smoke of realtor.com®. “But that growth will be slower than what we’ve seen over the last three years.”

Those higher mortgage rates have already driven monthly mortgage payments up 7% since the presidential election, Smoke says. And those bigger bills are expected to make it harder for wannabe homeowners, particularly first-time buyers, to qualify for loans.

That’s in addition to the low inventory of available homes on the market that they need to contend with. In November, there were 12% fewer new and existing homes for sale on realtor.com than the same month a year earlier.

Still, the majority of households surveyed still believe now is a good time to buy a home, But fewer renters are getting the buying bug these days. That’s because housing prices are continuing to go up, making affordability an ever bigger challenge, says Lawrence Yun, NAR’s chief economist.

“Younger households, renters, and those living in the costlier West region—where prices have soared in recent months—are the least optimistic about buying,” Yun said in a statement.

According to the survey, about three-quarters of current homeowners who are over 45, make more than $50,000 a year, and live in the Midwest or South were the most confident that now is the time to close on the homes of their dreams.

They are typically the most financially stable or live in the most affordable regions of the country.

But for everyone else, it’s not all doom and gloom. Lenders are beginning to make more loans to buyers with lower credit scores and down payments as well as higher debt-to-income ratios as a result of rising mortgage rates, says Smoke.

That’s because fewer homeowners are likely to refinance their mortgages now that rates have gone up. To make up for that loss in business, lenders have to issue more loans. And higher rates can net mortgage makers higher profits, he says.

“Lenders are getting more aggressive,” Smoke says. “Credit access already appears to be improving because of the rates.”

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Housing Market Outlook for 2017

Monday, January 23, 2017

by Galand Haas

Good Monday Morning!

It appears that the combination of slightly higher mortgage interest rates and the lack of available affordable housing will have a slight negative effect on the national housing market in 2017. This situation will most likely follow the national trend locally in the Eugene and Springfield area. Our area currently has the second lowest inventory of homes from sale in the nation. This is a statistic that is great for anyone wanting to sell a home, but not so favorable for anyone wanting to purchase a home. Here is an article from "Realtor.com", that address the future of the 2017 housing market nationally.

The days of multiple bids and offers that are typically way higher than a home’s asking price—you know, that stuff that we now consider to be normal in the housing biz—aren’t expected to disappear any time soon. But here’s the good news: Things aren’t expected to get too much worse in 2017 either.

Rising mortgage rates as well as a dearth of affordable, existing homes (i.e., previously lived-in residences) on the market are expected to lead to a smaller increase in sales in 2017, according to the latest quarterly survey from the National Association of Realtors®.

Existing-home prices are expected to go up 4% in 2017, slowing down just a bit from 5% in 2016, according to NAR.The pace of sales is also expected to slow, rising just 2% in 2017, compared with 3.3% in 2016

All in all, 2016 is expected to be the best year for existing-home sales since the height of the housing boom in 2006.

The Challenges Ahead

2017 will “be a year of growth in both sales and prices,” says Chief Economist Jonathan Smoke of realtor.com®. “But that growth will be slower than what we’ve seen over the last three years.”