Good Monday Morning!

The home sales statistics are in for May of 2008 and just as expected they clearly indicate a continued deterioration of our housing market here in the Eugene and Springfield area.

The average time that a home is on the market is at 83 days.  This compares to 71 days for May of 2008 and this number is actually slightly better than April.  New listing hitting the market decreased by 11.2%.  This indicates that fewer people are attempting to sell in this market and are holding off until there is some signs of improvement.  Closed sales dropped 36.1% from May of last year and pending sales declined by 32%.  There were 2,364 active listings and this was 8.6 months of home inventory.  This is compared to 4.5 months of active inventory in May of 2007 and just 2.8 months in May of 2006.

Even with these new numbers, Eugene and Springfield continue to enjoy a better housing market than the majority of the country.

Have An Awesome Week!