According to Oregon MLS info just revealed for the month of October closed sells continue to drop , now falling 33.4% in comparison to October 2009. New listings coming to the market has also decrease 22.2% over the last year. As anticipated , Pending sells also lowered 18.7%. When comparing these latest statistics with September, a month before , records indicate that closed sales fell 11.4% (209 vs. 236). We also notice that new listings decrease by 9.3% with just 409 new homes entering to the market. With that said pending sales rose 6.2%, with 15 more properties accepting offers than the month earlier.
Lane County currently has 2,250 active properties on the real estate market. With the number of properties sold earlier we can determine that there is around 10.8 months of inventory, up from 10.4 months just a month before . 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 received an average of $15,100. Falling from an average sales price of $218,000 to $202,900. With that said you can see why as a home buyer the “slow season” is a fantastic time to buy. Frequently owners who choose to keep advertising their real estate for sale through fall and winter tend to be more likely to take a greater loss in order to sell their homes .
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 received 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 quantity in the area (2 solds for the month) it is hard to say if the community genuinely experienced an appreciation, but the statistics documented by Oregon RMLS exhibits a 19.2% appreciation, having an average sales price of $309,000. Another region that appeared encouraging 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 places with heavy depreciation would include Mapleton Oregon Again. Although , not as significant 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 yet again , although neighboring the improved Ferry Street Bridge area, N. Gilham once again saw remarkable depreciation over the last year dropping 13.3%. The average sales price in N. Gilham is at this time $257,000. Southwest Eugene, another sought after community , 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 encountered a 7.8% decrease with the average sales price lowering to $180,000.
In Places on the outskirts of Eugene, McKenzie Valley had the most notable decrease of 12.5%. Mckenzie Valley’s average sales price is currently at $229,000. Pleasant Hill also found remarkable diminishment of its average sales price now $175,000, down 10.8%. Finally Junction City is down 8.1% with an average sales price of $208,000. I anticipate to see the number of new listings, and pending decrease as the season gets colder and the Holidays fall upon us. Starting in February I anticipate to see more homeowners coming into their houses into the Oregon Real Estate Market and of course more pendings occur in Spring and Summer. With that said, Homeowners please understand that there are much fewer properties to compete with in the chillier months and the buyers tend to be more “serious.” Buyers, if you are not concerned in “paying up” in order to have a larger selection I highly encourage you to take advantage of this market. You might be asking yourself what type of buyer buys a house in the middle of winter? I personally see my home as more than a house, it is also my investment decision . Do I invest in real estate in the summer when the flowers are out and everything seems so cherry and clean or in winter when homeowners are tired of marketing their house and are just ready to move on? I pick winter - Every Time!
