Latest Market Activity for March 2018
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!
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