According to Oregon MLS information just published 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 reduce 22.2% over the last year. As expected , Pending sells also lowered 18.7%. When comparing these recent statistics with September, a month earlier , reports suggest that closed sales fell 11.4% (209 vs. 236). We also observe that new listings lower by 9.3% with just 409 new homes entering to the market. With that said pending sales increased 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. Together with the number of homes sold previously we can determine that there is approximately 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 decline of the average sales price of 6.6%, even though the median sales price dropped 2.6%. When compared to September Lane County received 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 home 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 minor 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 area . Because of the low quantity in the neighborhood (2 solds for the month) it is hard to say if the community truly experienced an appreciation, but the statistics provided by Oregon RMLS exhibits a 19.2% appreciation, having an average sales price of $309,000. Another region that looked 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 areas with steep depreciation would include Mapleton Oregon Again. Although , not as significant as last month, they still suffered a 38.4% fall with an average sales price of $140,000. In the Eugene - Springfield Real Estate Market N. Gilham made the list 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 currently $257,000. Southwest Eugene, another sought after area , also noticed 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 Locations on the outskirts of Eugene, McKenzie Valley had the most significant decrease of 12.5%. Mckenzie Valley’s average sales price is currently at $229,000. Pleasant Hill also observed dramatic decline 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 expect to see the number of new listings, and pending decrease as the season gets colder and the Holidays fall upon us. Early in February I can expect to see more house owners entering their homes into the Oregon Real Estate Market and of course more pendings occur in Spring and Summer. With that said, Property owners please recognize that there are a lot fewer homes to compete with in the cooler months and the buyers tend to be more “serious.” Buyers, if you are not attracted in “paying up” in order to have a greater selection I strongly encourage you to take advantage of this market. You may possibly be asking yourself what type of buyer buys a house in the middle of winter? I personally see my home as more than a residence , it is also my investment . Do I buy real estate in the summer when the flowers are out and everything seems so cherry and clean or in winter when home owners are sick of marketing their house and are just ready to move on? I choose winter - Every Time!
No comments:
Post a Comment