In respect to stats supplied by RMLS in Oregon closed sales in Lane County ended up being reduced 20.5% this September in comparison to September of 2009. New listings reduced 13.1% and worse yet, pending sales slipped 31.7%. At the pace of September’s sales rate Lane County will have 10.4 months of inventory. That might seem like dismal news, until you consider the 14.1 months of inventory we saw in the marketplace in January 2010. While sales are low, pendings are low, and yes new listings are down too there is certainly a few similarities. The total days on market for properties listed (The list date until the date the house went pending) stayed the same; at 119 days on market. The days of the 3 month listings are now gone. All you sellers out there please take note… The Average house on the market in Lane County is going to take 4 months to acquire an offer! This is average. The higher listed you are in comparison with your competitors the less “average” you are.
While many areas in the Eugene-Metro area still suffered devaluation during the last year, there are still bright spots. Congratulations Ferry Street Bridge! You are the only area in Eugene Oregon that in some way appreciated in Eugene in the last 12 months. In accordance with Information drawn from RMLS Oregon, Ferry Street Bridge found a 4% raise of the average sales price. Data tells me this is appreciation – Experience tells me that the upper end houses listed for sale in Ferry Street Bridge are finally beginning to sell. Statistics are statistics folks. Either way, Ferry Street Bridge is encountering something which the rest of Eugene is not… for the time being.
Who else is feeling light at the end of the real estate tunnel? It is Mohawk Valley! Mohawk Valley also discovered a boost in the average sales price, a remarkable 7.1%. Although Pending sales are down an astonishing 66.7% .The 19 home owners who sold their houses this year should be gleaming with delight. Alright, my monthly report would not be comprehensive without some not so good news. Sorry North Gilham and Coburg Oregon, the real estate market has not been so caring for you as your neighbor Ferry Street Bridge. Coburg Oregon is down 12.1%, while North Gilham has declined 12.6% for average sales volume. That may not be great news if you currently own a home in these areas, but if you are looking for a great Eugene real estate market to invest in, this may be the spot.