Galand Haas,

Good Monday Morning!

The Real Estate market statistics are in for May of this year and as expected change is taking place. New listing hit a 7.8% increase for the month of May taking our home inventory to 4.5 months of supply.  This means that if no new homes hit the market it would take 4.5 months to exhaust the current supply at todays rate of sales. In May of 2006 there was 2.8 months of inventory.

The number of closed sales decreased by 4% from May of the previous year.  Pending sales dropped by 3.8% over the same time period.  The interesting fact is that the average sales price climbed by 10.3%  from $238,400 12 months ago to that of $263,000.  The average time it takes a home to sell in Lane County has hit 74 days. 

The gradual increase in home prices here is healthy.  If the trend of slower sales and higher inventory of homes for sale continues look for the home price increases to hit a road block.

Have An Awesome Week!