Good Monday Morning!

Home sales in the Eugene and Springfield area fell slightly in March. New listings hitting the market were slightly up, and at the same time, the total inventory of homes on the market fell. This is just a continuation of the same market that we have been in for quite some time. I see little change on the horizon unless we see a significant decrease in mortgage interest rates. A decrease in rates is not likely at this time, as inflation continues to be a thorn in the economy's side and the Fed has announced that there will be no rate decreases in the near future. Overall, the Eugene and Springfield area housing market is holding up better than I would have expected. Homes are selling, and we are continuing to see many multiple-offer situations. The bright spot for anyone considering a home sale is the fact that we are currently at 2 months of active home inventory. This means little competition at the time of year when home sales typically begin to spike. The following are the home sales statistics for Lane County in March 2024.

New Listings

New listings (405) increased 1.3% from the 400 listed in March 2023, and increased 13.8% from the 356 listed in February 2024.

Pending Sales

Pending sales (345) increased 0.9% from the 342 offers accepted in March 2023, and increased 3.0% from the 335 offers accepted in February 2024.

Closed Sales

Closed sales (287) decreased 1.4% from the 291 closings in March 2023, and increased 20.6% from the 238 closings in February 2024.

Inventory and Time on Market

Inventory decreased to 2.0 months in March. Total market time increased to 80 days.

Year-to-Date Summary

Comparing the first three months of 2024 to the same period in 2023, new listings (1,052) increased 5.5%, pending sales (908) increased 0.9%, and closed sales (723) increased 1.4%.

Average and Median Sale Prices

Comparing 2024 to 2023 through March, the average sale price has increased 4.7% from $445,500 to $466,300. In the same comparison, the median sale price has increased 3.1% from $415,000 to $428,000.

Have An Awesome Week!

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

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AND HERE'S YOUR MONDAY MORNING COFFEE!!