Good Monday Morning!
There is some good news for our housing market in the Eugene and Springfield area. We had another month of increased home sales. For October of this year closed home sales were up by 14.4% over 2010 and Pending sales were up by 7.3% for the same time period. New listing were down again and were off by 18.1%. A personal observation on listings notes that the majority of the new listings are distressed sales and that those homeowners who do not have to sell are making the choice not to sell in this market. This has actually created a short supply of homes in some areas, especially in the price ranges of $175,000 and below.
Closed home sales fell in October from September by 7.4%, but pending sales were up by 18.3% for the same time period. The number of new listings hitting the market fell by 9.2% for the same time period.
There is currently 7.6 months of active inventory of homes for sale. The average sales price declined again and fell by 2.9% from October of last year and now rests at $203,800. The average time it is now taking for a home to sell is 141 days.
As long as mortgage interest rates remain constant and home inventories continue to decline, this trend should remain fairly constant.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
2594 Pierce Street
Contemporary with great views of nature! Great open floor plan, wood floors throughout most of home, skylights in almost every room, large entry, vaulted ceilings, kitchen with eating bar and area. Master suite with walk-in closet. Plus good size lo...
AND HERE'S YOUR MONDAY MORNING COFFEE!!