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Pending Home Sales Continue To Decline For Seventh Month In A Row

by Galand Haas

Good Morning!

Nationally, pending home sales continue to decline for the seventh month in a row. As the video explains, this is primarily due to home affordability, low inventory and also to a lesser degree, rising mortgage interest rates. This trend could begin the shift to softer home prices down the road. View video HERE.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

6997 GLACIER DR

Price: $369,900     Beds: 4     Baths: 2.5    Sq Ft: 2406

Completely remodeled! Fresh interior & exterior paint. All new carpet, vinyl wood floors, LED lights w/ Decora switches, heat pump, furnace, hot water heater. Large lower level bonus space (not included in SF) w/ lots of potential; could make a grea... View this property >>

 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Slow Rise In Home Inventory Still Not Meeting Demand

by Galand Haas

Good Morning!

It seems that much of the nation is beginning to feel the pressure from housing markets that are quickly becoming over-priced. California, which has had extreme housing inflation for years is feeling the pain of an over-priced market and home sales are beginning to slow down quickly in many areas. California many times leads national housing trends. Here is an article from MSNBC that talks about the housing market changes.

A slight increase in the supply of homes for sale brought buyers back to the table in June.

Pending home sales, a measure of signed contracts to buy existing homes, rose 0.9 percent in June compared to May, according to the National Association of Realtors. Sales, however, were 2.5 percent lower than they were in June 2017. Pending home sales have been down annually for six straight months.

Sales increased in all regions of the country, rising 1.4 percent month-to-month in the Northeast, 0.5 percent in the Midwest, 1.1 percent in the South and 0.7 percent in the West. Compared to a year ago, however, sales were lower in all regions – weakest in the West.

"After two straight months of pending sales declines, home shoppers in a majority of markets had a little more success finding a home to buy last month," said Lawrence Yun, chief economist for the Realtors. "The positive forces of faster economic growth and steady hiring are being met by the negative forces of higher home prices and mortgage rates."

The severe shortage of homes for sale has been plaguing the housing market for more than a year. As demand rises, prices continue to heat up, with multiple offers more the norm than the exception. Total housing inventory at the end of June rose 0.5 percent compared to June of 2017, the first annual increase in three years.

"Even with slightly more homeowners putting their home on the market, inventory is still subpar and not meeting demand. As a result, affordability constraints are pricing out some would-be buyers and keeping overall sales activity below last year's pace," added Yun.

Affordability has hit the West especially hard. Home sales in southern California plummeted in June, according to CoreLogic, as buyers came up against red-hot prices. Some sellers are starting to lower prices, and real estate agents there are reporting fewer bidding wars. This could mark a turn in the market.

The rise in pending home sales, albeit very small for the month, does show that as more inventory comes on the market, there are buyers waiting to meet it. One headwind going forward is mortgage rates. They barely moved at all in June but started to edge higher again in July. Should rates move even more decisively higher, especially amid still-high home prices, sales could weaken further.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

 BOLTON HILL RD

Price: $990,000    Beds: 4    Baths: 3.5    Sq Ft: 3700

Stunning estate w/ amazing valley view! Enjoy beautiful sunsets & sunrises over Fern Ridge Lake & Three Sisters mountains from a serene & private hillside. Oak & hickory hardwoods, marble & porcelain tile. Master suite. Bonus rm w/ balcony, office &... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Home Prices Rise While Availability Does Not Improve

by Galand Haas

Good Morning!

 

Nationally, the news for first time homebuyers is not improving.  At this time, the prices of homes under $300,000 are still increasing and the availabity of these homes is not improving.  Here is an article from "Realtor.com" that talks about this trend.

 

Home buyers looking for a bargain should brace themselves for some serious disappointment.

 

The share of existing (aka previously lived-in) homes priced under $100,000 dropped 20.7% in March from the same month a year ago, according to the most recent National Association of Realtors® report. The percentage of homes under $250,000 fell 7.8%.

 

Nationally, the median home price was $250,400 in March. That's up 3.9% from February and represents a 5.8% rise from the same month a year earlier.

 

"In general, we’re seeing that there aren’t enough homes available for sale across all price ranges," says Danielle Hale, chief economist at realtor.com®. "But the biggest shortage is under $250,000.”

 

The number of overall existing home sales hit 5.6 million in March. That's up 1.1% from February, but a 1.2% decrease from the same month a year ago. (Realtor.com looked only at the seasonally adjusted numbers in the report. These have been smoothed out over 12 months to account for seasonal fluctuations.)

 

Single-family home sales were up 0.6% from February, but down 1% from the same month a year ago. The median home price was $252,100.

 

Condo and co-op sales were up 5.2% from the previous month, but were down 3.2% annually. The median price of these homes were $236,100.

 

Existing home sale prices were significantly lower than newly constructed abodes, by about 30.5%, as it isn't cheap to put up a new home with high land, construction, and materials costs. The median price of a newly constructed home was $326,800 in February, according to the most recent data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

 

“The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels," NAR's chief economist, Lawrence Yun, said in a statement. "Supply is woefully low, and home prices keep climbing above what some would-be buyers can afford.”

 

If you are looking for a home in the Eugene an Springfiels area under $300,000, it is a tough situation right now. The good news is that we can help you.  We are extremely successful in finding homes in this price range for our buyers.  Many of the homes we are finding are homes that we have knowledge about before they hit the market.  If you would like for us to help you with your home search, call us at 541-349-2620 and we will go to work for you.

 

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

3025 Guadalupe Way

Price: $389,900    Beds: 3   Baths: 2    Sq. Ft.:2,560

Fabulous 2-story home on dead-end street! Crown molding, oil-rubbed bronze fixtures, stainless steel appliances, gas fireplace & lots of storage. Engineered hardwood floors in kitchen & eating area. Quartz counters & painted maple cabinets in kitchen...View this property>>



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Latest Market Activity for March 2018

by Galand Haas

Good Morning!


March home sale numbers are in for the Eugene and Springfield area and the sellers market trend continues.  The inventory of homes for sale actually decreased from February, which is not normal and home prices continue to increase.  This is not the best news for homebuyers, but continued good news for homesellers. My caution here is that with mortgage interest rates up and the continued increase in home prices, there will be a point where this market will shift and make a correction.  That time could be sooner than later.  Here is the March 2018 homes sales report.


March Residential Highlights


March brought gains nearly across the board in Lane County, with closings taking an impressive lead. Closed sales (404) ended 13.8% ahead of March 2017 (355) and 36.9% ahead of February 2018 (295). It was the strongest March for closings in the county since 2006, when 409 were recorded.


Pending sales (489) edged 2.3% ahead of March 2017 (478) and outpaced February 2018 (392) by 24.7%.


New listings, at 531, fell six short of last year in March 2017 (537, -1.1%) but warmed 42.7% from last month in February 2018 (372).


Total market time decreased by three days to end at 61 days this March, with inventory creeping downward to 1.4 months.



Average and Median Sale Prices


Comparing the average price of homes in the twelve months ending March 31st of this year ($292,800) with the average price of homes sold in the twelve months ending March 2017 ($268,000) shows an increase of 9.3%. The same comparison of the median shows an increase of 10.4% over that same period.



Have An Awesome Week!

 

THIS WEEK'S HOT HOME LISTING

 Wedgewood Dr

List Price: $330,000     Beds: 3    Baths: 2.5    Sq. Ft.:1,855

Fabulous one-level home in desirable Santa Clara neighborhood! Spacious 0.22 acre lot on lovely low-traffic street. Living room w/ fireplace. Large galley kitchen w/ pantry. Dining/Family room combination w/ fireplace. Large private master suite w/ 2 closets & access to back. Laundry room w/ half bath.  Well-manicured lawns w/ sprinklers, fence backyard, covered deck & patio, & tool shed. Only 5 minute drive to schools, stores & park... View property

 


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Latest Market Activity for February 2018

by Galand Haas

Good Monday Morning!


The Real Estate market in the Eugene and Springfield area shows no sign of change.  Home sales remain strong and the inventory of homes for sale remains extremely low.  The inventory is critically low in the price ranges for first time buyers from $150,000 to $300,000.  The cost of homes in our area also continues to increase and the inventory of affordable brand new housing is close to non-existant.  Mortgage intereste rates dropped slightly and are now at around 4.4% for 30 year fixed financing. Here is the report for February 2018.

Lane County saw mixed activity this February, but most measures were ahead of February 2017. Closed sales (295) outpaced February 2017 (247) by 19.4% but fell 9.5% short of the 326 closings recorded last month in January 2018. It was the strongest February for closings in Lane County since 2007, when 305 were recorded. 

 

Similarly, pending sales (392) rose 6.2% ahead of the 369 offers accepted in February 2017 but fell 7.8% short of the 425 offers accepted last month in January 2018. 

 

New listings, at 372, were 5.3% short of the 393 new listings recorded last year in February 2017 and 12.7% short of the 426 new listings recorded last month in January 2018. 

 

February saw total market time decrease by two days to end at 64 days. Inventory crawled slightly upward in the same month, ending at 1.8 months. 

 

Average and Median Sale Prices 

Comparing the average price of homes in the twelve months ending February 28th of this year ($290,400) with the average price of homes sold in the twelve months ending February 2017 ($265,900) shows an increase of 9.2%. The same comparison of the median shows an increase of 10.5% over that same period.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

798 70th St 

$245,000  Beds: 3   Baths: 2   Sq. Ft.: 1,395

Spacious corner lot in Thurston area. This 3 bedroom, 2 bathroom home has new furnace & water heater, mountain view & vinyl windows. Sunken living rm w/ pellet stove insert. Kitchen w/ eating bar & pantry opens to large dining area. Laundry rm. Cove... 

View this property >> 



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Latest Market Activity for January 2018

by Galand Haas

Good Morning!

The Real Estate market in the Eugene and Springfield area was stronger in January of 2018 than in January of 2017.  Both sales and new listings were up.  The inventory of homes on the market remains low at 1.7 months and critically low in the first time buyer price ranges of $250,000 and below.  Here are the home sale statistics for January 2018.


January Residential Highlights 

January brought waves of warm real estate activity to Lane County, almost across the board. Pending sales (425) outpaced January 2017 (318) by 33.6% and December 2017 (309) by 37.5%. This is the strongest January for pending sales in Lane County on the RMLSTM record, dating to 2001. 

New listings, at 426, ended 33.1% stronger than in January 2017 (320) and 91.0% stronger than last month in December 2017 (223). 

 

There were 326 closed sales, faring 19.4% better than last year in January 2017 (273) but cooling 12.1% compared to December 2017 when 371 closings were recorded. 

 

Inventory held steady in January at 1.7 months, and total market time increased by four days to end at 66 days. 

Average and Median Sale Prices 

Comparing the average price of homes in the twelve months ending January 31st of this year ($289,100) with the average price of homes sold in the twelve months ending January 2017 ($264,800) shows an increase of 9.2%. The same comparison of the median shows an increase of 10.1% over that same period. 

 

Have An Awesome Week!

 

THIS WEEK'S HOT HOME LISTING!

 

 

6655 A ST

Price: $199,900

Beds: 2

Baths: 1

Sq Ft: 1078

Cute 1-level home in desirable Thurston neighborhood. Well-maintained home features updated drs & vinyl windows. Large living rm w/ wood-insert fireplace. Galley-style KIT w/ French door leads to utility rm. Open dining area w/ sliding dr. Large cro... 

View this property >> 



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Eugene Oregon Ranks #2 For Lowest Housing Inventory In The Nation

by Galand Haas

Good Morning!

Is it a perfect storm situation now taking its grip on the Eugene and Springfield housing market? The overall market here is now as quiet as I have ever witnessed in my 27 years as an area Realtor.  Why would our market change from a blazing hot market to becoming this slow in just a few weeks? 

The answer is complicated, but it is primarily being fueled by the Eugene and Springfield area having the second lowest inventory of homes on the market in the entire United States.  Our home inventory rest at less that 1.7 months of active home inventory. This means that if no new homes hit the market, the current inventory would be exhausted within 1.7 months.  This creates a tough market for potential home buyers.  In our area, the hottest part of the market is median priced homes, which are typically the first time buyer homes.  There really is no inventory at this price level currently.  The majority of the active inventory is in the upper price ranges, where demand has slowed considerably.  On top of this, we have had around an 8% rise in home values in our area over the past 12 months and a rise in mortgage loan interest rates.  The combination of these two factors has made housing less affordable and pushed, even more, would be buyers into the median home price range, where there is no inventory.  Another factor that is fueling our problem is that in the Eugene and Springfield area, there are very few building lots.  The city and county's failure to expand urban growth boundaries has created a critical shortage of home building sites and virtually put a lid on new homes being built in the price ranges where there is demand.  The building lot shortage along with increased costs in permits, SDC's, etc. has pushed lot prices to all-time highs making it impossible to build new affordable housing in our area.  

Where our local market goes in 2017 remains up in the air.  The one thing that I will caution everyone about is that if you are expecting a repeat year like 2016, it is just not going to happen.  As long as home inventories in the median price ranges remain low, prices on these homes remain high and mortgage rates continue to climb, the market here will remain very quiet.

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

1499 Larkspur Avenue

Price: $180,000    Beds: 3    Baths: 1    Half Baths: 1    Sq Ft: 960

Charming, ranch-style home with modern feel and centrally located. Featuring rich hardwood floors, newer roof, countertops and vinyl windows. Other special features include a cozy living rm with wood-burning fireplace, a large bath, laundry area & c...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Monday Morning Real Estate Update 9/10/07

by Galand Haas

Good Monday Morning!

It looks like a great week for more Summer weather. Many years September offers us our best weather of the year.

The home sales statistics for Eugene and Springfield are in for July.  The number of homes for sale keeps increasing, while sales continue to slow.  In July there  was 6 months of inventory.  This means that at the current rate of sales it would take 6 months for all of the listed homes to sell.  In comparison, July of 2006 saw 3.8 months of inventory for sale.  The interesting thing here is that 6 months of inventory is the official breaking line between a sellers market and a buyers market.  We are now officially in a buyers market.

Other statistics show that we had 2,215 active home listings, the average home sales price was $267,800, closed sales were down by 4.5% and the median home sales price increased by 10.3%.  A point of interest is that home prices continue to increase even with the slower market. 

Have An Awesome Week!



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

Monday Morning Real Estate Update 9/3.07

by Galand Haas

Good Monday Morning!

Happy Labor Day!  What a gorgeous 3 day weekend it has been.  Also, congratulations to the ducks and Beavers for their wins in their season openers.  It should be a great season for local college football fans.

The housing market continues to tighten for sellers in the Eugene and Springfield area.  Time on the market is rising again and the inventory of homes for sale is continuing to swing up-wards.  The good news is that mortgage loan interest rates have decreased and certainly may drop some more.  This has made an extremely good environment for home buyers.  If you are considering purchasing a home don't let this current market slip away.  You have a good inventory of homes to choose from, soft pricing and great interest rates.

Have An Awesome Week!



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

Monday Morning Real Estate Update 5/21/07

by Galand Haas
Galand Haas,

Good Monday Morning!

Sunday's drizzle put the dampers on a nice weekend. It's looking up though, warm weather is here for the week

The inventory of homes for sale keeps piling up.  It looks like my prediction of a peak in inventory levels around mid June may be fairly close.  I would also predict that we will soon cross the magic 6 months of home for sale inventory line here in the Eugene and Springfield area.  This means that at the current rate of sales, it would take 6 months to exhaust the current inventory of homes for sale.  Six months is important because that is the dividing line between a buyers and sellers market.  6 months or less of inventory is a sellers market and 6 months or more is a buyers market.  This is good news for you prospective home buyers as mortgage interest rates also continue to be extremely favorable.

Have An Awesome Week!



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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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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