Good Monday Morning!

February of this year saw closed home sales and pending sales tick upwards in the Eugene and Springfield area.  Could this be seasonal, or is it a long-term positive sign for our local Real Estate market? Mortgage interest rates remain just below the 7% mark, which is up from this time last year but about a percentage point below several months ago. The overall economy remains about the same, but inflation continues, but at a slower pace than last year. The hope is that the Fed will lower rates at their next meeting. Slightly lower rates could give our Spring housing market a boost. We remain in a volatile housing market, and it is just tough to determine exactly where it is headed. The inventory of homes remains low, and my advice to anyone thinking of selling a home this year is to not wait. Right now, we seem to have more home buyers than we have home listings in our market. My suggestion would be to take advantage of this. The following are the home sales statistics for Lane County in the month of February 2024.

New Listings

New listings (356) increased 24.9% from the 285 listed in February 2023, and increased 25.8% from the 283 listed in January 2024.

Pending Sales

Pending sales (335) increased 21.8% from the 275 offers accepted in February 2023, and increased 29.8% from the 258 offers accepted in January 2024.

Closed Sales

Closed sales (238) increased 3.5% from the 230 closings in February 2023, and increased 37.6% from the 173 closings in January 2024.

Inventory and Time on Market

Inventory decreased to 2.3 months in February. Total market time increased to 76 days.

Year-to-Date Summary

Comparing the first two months of 2024 to the same period in 2023, new listings (640) increased 7.9%, pending sales (585) increased 3.4%, and closed sales (419) increased 2.2%.

Average and Median Sale Prices

Comparing 2024 to 2023 through February, the average sale price has increased 3.8% from $449,000 to $466,100. In the same comparison, the median sale price has increased 2.4% from $415,000 to $425,000.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

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Price: $365,000    Beds: 3    Baths: 1.5    SqFt: 1056

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AND HERE'S YOUR MONDAY MORNING COFFEE!!