Latest Market Activity For June 2018
Good Morning!
The numbers are in and Lane County had another strong month of home sales for June of 2018. The primary thing to note is that the average home sales price continues to increase and is now over $300,000 as you will see. One has to wonder how long this trend can continue in a market with a wage scale that does not support this high of an average home price? Here are the numbers for June of 2018.
June Residential Highlights
Lane County had mostly positive activity this June, with accepted offers leading the way. At 561, pending sales outpaced June 2017 (544) by 3.1% and May 2018 (521) by 7.7%. The last June when pendings ended stronger was in 2004, when 588 offers were accepted.
New listings, at 733, fared well in June. At 733, new listings rose 2.8% ahead of June 2017 (713) and 7.8% ahead of May 2018 (680). This was the strongest June for new listings since 2007, when 902 were listed.
Closed sales, at 479, dipped 6.1% under the 510 closings recorded in June 2017 but fared 6.2% better than last month in May 2018.
Inventory rose upward slightly in June to end at 1.7 months, with total market time holding steady at 38 days.
Year to Date Summary
Comparing the first six months of 2018 to 2017, closed sales (2,439) have increased 5.7% and pending sales (2,786) have increased 1.7%. New listings (3,370) have decreased 0.4%.
Average and Median Sale Prices
Comparing 2018 to 2017 through June of each year, the average sale price has increased 7.3% from $281,900 to $302,500. In the same comparison, the median sale price rose 9.1% from $254,000 to $277,000.
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