Good Monday Morning!

January was an interesting month for home sales in the Eugene and Springfield area. The inventory of homes on the market hit the highest point we have seen in over 2 years at 2.3 months of inventory. At the same time, the number of new homes hitting the market decreased. This means that the rise in home inventory was created by fewer home sales. The interesting thing is that with an even slower market for home sales, the average and median home sale prices increased further. Also of interest is the fact that even with mortgage interest rates increasing slightly, the demand for homes is extremely strong. Why is this not reflected with home sales? The answer to this is that the existing inventory of homes for the most part does not fall into the categories of where the buyer demand is. Many price points and areas have virtually no inventory and in many cases scores of buyers waitng to find a home to purchase. The result of all of this is that this continues to be a very frustrating market for most home buyers and in many cases, it is one of the best markets we have seen for home sellers. The next several months should prove interesting for sure. Here are the home sales numbers for January 2023.

New Listings 

New listings (303) decreased 10.1% from the 337 listed in January 2022, and increased 73.1% from the 175 listed in December 2022. 

Pending Sales 

Residential Highlights 

New Listings 

New listings (303) decreased 10.1% from the 337 listed in January 2022, and increased 73.1% from the 175 listed in December 2022. 

Pending sales (303) decreased 9.6% from the 335 offers accepted in January 2022, and increased 53.8% from the 197 offers accepted in December 2022. 

Closed Sales 

Closed sales (177) decreased 35.2% from the 273 closings in January 2022, and decreased 24.4% from the 234 closings in December 2022. 

Inventory and Time on Market 

Inventory increased to 2.3 months in January. Total market time increased to 50 days. 

Year-to-Date Summary 

Comparing the first month of 2023 to the same period in 2022, new listings (303) decreased 10.1%, pending sales (303) decreased 9.6%, and closed sales (177) decreased 35.2%. 

Average and Median Sale Prices 

Comparing 2023 to 2022 through January, the average sale price has increased 5.0% from $448,000 to $470,600. In the same comparison, the median sale price has increased 1.9% from $411,000 to $419,000.

Have An Awesome Week!

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

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