The March 2011 MLS Lane County report has been released. When looking at this data we can see that the number of closed sales increased in March when compared to February, as expected. However, when comparing March 2011 with March 2010 data shows a disappointing 17.5% decrease in sales. Even more staggering is that this March pending sales decreased 30.9% and new listings fell 33.8%.
Due to the increase is sales, the inventory has dropped from 12.4 months in January to a more appropriate amount of 8.6 months. With that said over the last year the average home sales price decreased by 9.9% with the median down 14.2%. Those numbers seem gloomy, but there is a bright spot. When comparing this March to the average home sales price of last month we saw the average price increase from $179,400 to $193,500 or 7.9%. The median home price rising from $159,100 to 169,900 (6.8%).
What do these statistical trends mean? Are we in a double dip recession of the real estate market? Maybe we will mark February 2011 of the bottom of this popped bubble. If that is true and the March increase is not a fluke, I have bad news for some of those buyers out there… If you were looking to buy at the bottom you missed it! Because that is what a bottom looks like. Is it really? I have no idea, but I sure hope it is.
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