Lane County overall has a current market inventory of 8.8 months. Days on market has dropped steadily since January, now at 78, an increase of 12 days over a year ago.

The McKenzie Valley average days on market is 132 – properties are taking longer to sell than much of Lane County. 25 sales have closed this year at an average price of $357K. Pending sales are at 26, down 11.1% over a year ago. There are 104 total listings on the market. Prices have not changed dramatically in the valley: down essentially 1% since 2007. Pending sales are down 39.5% over 2007. Those numbers tell a story: sellers are not dropping prices as the current market conditions warrant, so pending sales are down.

This data is from July 2008 – August data isn’t available yet. We’ll post another update as soon as we get the data!

Buyers: properties are available; it’s a buyers market for well-qualified buyers; sellers can’t expect to get full listing price in today’s market unless it is priced right for the market (and most are still priced too high).

Sellers: buyers are looking, and some are ready to buy at the right price. Our buyer traffic is definitely up over a month or two ago. If you want to attract buyers, you have to price for the market and differentiate your listing from everything else out there. Differentiating can be on the basis of condition, concessions, incentives, or terms. The overall rule still holds: price right and it will sell.

Thanks for reading our update - check back in a week or so for the latest market data!