According to Oregon MLS data just released for the month of October closed sells continue to decrease, now falling 33.4% compared to October 2009. New listings coming to the market has also decrease 22.2% over the last year. As expected, Pending sells also dropped 18.7%. When comparing these recent statistics with September, a month earlier, reports indicate that closed sales fell 11.4% (209 vs. 236). We also see that new listings decrease by 9.3% with just 409 new properties coming to the market. With that said pending sales rose 6.2%, with 15 more properties accepting offers than the month prior.
Lane County currently has 2,250 active properties on the real estate market. With the number of homes sold previously we can conclude that there is roughly 10.8 months of inventory, up from 10.4 months just a month earlier. On average over the last years real estate in Lane County has a decrease of the average sales price of 6.6%, while the median sales price dropped 2.6%. When compared to September Lane County experienced an average of $15,100. Dropping from an average sales price of $218,000 to $202,900. With that said you can see why as a buyer the “slow season” is a great time to buy. Often owners who decide to keep marketing their real estate for sale through fall and winter are more likely to take a greater loss in order to unload their properties.
In the Eugene Real Estate Market, Ferry Street Bridge still saw a slight appreciation on real estate. Compared to the Lane County Average of 6.6% depreciation, Ferry Street Bridge experienced a 1.1% Appreciation with the average sales price being $255,000. Mohawk Valley also continued to see Appreciation in their community. Because of the low volume in the area (2 solds for the month) it is hard to say if the area truly experienced an appreciation, but the statistics shared by Oregon RMLS shows a 19.2% appreciation, having an average sales price of $309,000. Another area that seemed promising was the South Lane County area (Cottage Grove and surrounding area). South Lane County had a 2.4% appreciation and an average sales price of $174,900.
Some areas with steep depreciation would include Mapleton Oregon Again. Although, not as dramatic as last month, they still experienced a 38.4% drop with an average sales price of $140,000. In the Eugene – Springfield Real Estate Market N. Gilham made the list again, although neighboring the increased Ferry Street Bridge area, N. Gilham once again saw dramatic depreciation over the last year dropping 13.3%. The average sales price in N. Gilham is currently $257,000. Southwest Eugene, another desired area, also saw depreciation over the last year of 6.5%. Southwest Eugene’s average sales price is $259,900. The Danebo area dropped 6% with an average sales price of $164,300 and Coburg experienced a 7.8% decrease with the average sales price lowering to $180,000.
In Areas on the outskirts of Eugene, McKenzie Valley had the most notable decrease of 12.5%. Mckenzie Valley’s average sales price is now at $229,000. Pleasant Hill also saw dramatic reduction of its average sales price now $175,000, down 10.8%. Lastly Junction City is down 8.1% with an average sales price of $208,000. I expect to see the number of new listings, and pending decrease as the season gets colder and the Holidays fall upon us. Beginning in February I expect to see more homeowners entering their homes into the Oregon Real Estate Market and of course more pendings occur in Spring and Summer. With that said, Homeowners please realize that there are much fewer homes to compete with in the cooler months and the buyers tend to be more “serious.” Buyers, if you are not interested in “paying up” in order to have a wider selection I strongly encourage you to take advantage of this market. You may be asking yourself what type of buyer buys a home in the middle of winter? I personally see my home as more than a home, it is also my investment. Do I buy homes in the summer when the flowers are out and everything seems so cherry and clean or in winter when homeowners are sick of marketing their property and are just ready to move on? I pick winter – Every Time!
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