Latest Market Activity for February 2017
Good Morning!
Here are the numbers for the February 2017 Real Estate market in the Eugene and Springfield area. As you can see, there was little change. The inventory of homes for sale remains critically low and the result is fewer sales and higher home prices. The Eugene/Springfield area remains as one of the lowest areas in the country for active homes for sale at just 2.2 months of active inventory available. All that I can say is the same thing that I have been saying. If you are thinking about selling your home in the near future, this is the top of the market for home pricing and you should take advantage of it. Here are the numbers for February.
February Residential Highlights
Activity in Lane County continued a cooling trend this February, but some numbers showed gains over January. New listings (393) showed a 22.8% gain over January 2017 but ended 5.5% below the 416 new listings offered last year in February 2016.

Similarly, pending sales (369) rose 16.0% above the 318 orders accepted last month in January 2017 but were 12.1% under the 420 orders accepted last year in February 2016.
Closed sales, at 247, ended 13.0% under February 2016 (284) and 9.5% under January 2017 (273).
February saw inventory in Lane County rise just slightly to 2.2 months. Total market time during the same period rose three days to 75 days.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending February 28th of this year ($266,000) with the average price of homes sold in the twelve months ending February 2016 ($244,400) shows an increase of 8.8%. The same comparison of the median shows an increase of 8.3% over that same period.

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Eugene's recent housing market is currently seeing record low number of homes on the market for sale. In fact, the inventory right now is less than two months and second lowest in the nation. The price range of homes that is hardest hit by this shortage is those that are at or below the median sales price of around $265,000. This is the price range that most young families and first time home buyers are in. The housing shortage has created some severe problems in our area as the shortage continues to drive home prices higher, making them less affordable. Home price increases have outpaced the increase in income for our local area and as a result have actually pushed many first time home buyers completely out of the market or pushed them into price prices where there are low inventory and high demand.



Anyone who has been keeping in touch with either the local or national housing market trends knows that 2016 was a record year for home sales. 2017 is starting off totally different than the previous year, though. There are many questions as to what kind of Real Estate market 2017 will turn out to be. Here is an article from Realtor.com that talks about the direction that the 2017 housing market will most likely take.
The number of for-sale listings fell again in December to the lowest level since 1999, according to the National Association of Realtors. There were just 1.65 million homes for sale at the end of December, which at the current sales pace would take only about 3 ½ months to exhaust. A normal, balanced market has about a six-month supply. This, as the busy spring market is already on the verge of starting. "To say early buyer demand is strong in early 2017 is an understatement — it is titanic. Redfin data shows that buyers are out touring in droves, ready to pounce on new listings that fit the bill," said Nela Richardson, chief economist at Redfin. "The only thing missing is homes for sale to satisfy demand because there just aren't a lot of homes available to buy right now. We are in a real estate black hole until those listings show up again."
The days of multiple bids and offers that are typically way higher than a home’s asking price—you know, that stuff that we now consider to be normal in the housing biz—aren’t expected to disappear any time soon. But here’s the good news: Things aren’t expected to get too much worse in 2017 either.
