Inventory, listings, sales, and sale prices decline for the October 2008 reporting period.

Each month the RMLS (Regional Multiple Listing Service) publishes market statistics for it's service area. As a Eugene area Realtor I focus on the data for Lane County. Being intimately familiar with these numbers helps me to better serve my clients, both buyers and sellers, in a changing market.

For the month of October, total inventory stood at 9.2 months, down from 10.2 in September and up from 7.2 one year ago. This means at the current rate of sales, with no new listings entering the market, it would take over 9 months to sell all of the approximately 2,307 residential properties currently listed.

New property listings have decreased 18.5% and closed sales are down 17.2% compared to October 2007.

The average home sale price is down 5.3%, and the median sale price has dropped 4.5% when comparing the 12 month period ending October 2008 with the same period ending October 2007.

There were 251 homes sold in October 2008, and 2,626 sold since the first of this year, compared to 303 homes sold in October 2007, and 3,647 sold since the first of last year.

Once again, these numbers suggest that:

  1. Sellers must ensure that the condition of their property is superior, that their price is competitive, and that their Realtor is a master at marketing and negotiation if they wish to sell in a reasonable time frame.
  2. Buyers still have access to a vast number of housing options, and the opportunity to purchase at value prices, if they can obtain financing, and especially if they can pay cash.
  3. Agents must work with a high level of dedication and focus to serve the interests of their clients, and to ensure the future of their careers through the current downturn and into economic recovery.

If you have questions about our market or the current data please call or email. And if you need to buy or sell in the Eugene/Springfield area and want top-notch representation, I'm here to help.

Bobby Stevens
541 225-8081
bobby@alternativerealtor.com

 
This post has been included in Oregon Information Lane County, OR Information Eugene, OR Information
Post is included in group: Eugene Oregon Real Estate
Post is included in group: Moving to Oregon

8 Comments on October 2008 by the numbers: Lane County Real Estate Market update.

NOV
17
2008
133,525 Points 5 Featured Posts Outside Blog

Not just location, location, location, now add, condition, condition, condition. Buyers can be very picky in this market and they are.
4:14pm • #1
NOV
27
2008
169,794 Points 3 Featured Posts Localism Sponsor

Nice interpretation it; looks like your market is in the tank too. info@KathyToth.com 
10:36am • #2
NOV
29
2008
2 Featured Posts Hit Router

Hi Bobby, I love your blog heading picture. It's visually stimulating! Good interpretation of the facts. Not so dry (as so many are). I especially liked #1,2 and 3 at the bottom.
6:19pm • #3
DEC
02
2008
Localism Sponsor Hit Router

You're so right Fred!

Thanks Kathy, our market is down, but I managed to close 4 in November!

Marian - glad you like the header photo - it's my house!
3:07am • #4
2 Featured Posts Hit Router

Hi Bobby,  That's your house? How cool. The pic is very distinctive w/ the lights & dark sky since it was taken at twilight. Nice.
9:43am • #5
DEC
17
2008

Do you have any indication which price points are experiencing the greatest deflation? There seemed to be a great deal of high priced construction done over the past decade to attract Californians so is price deflation occuring most in properties over $500k or below $300k.

Thanks,

 

Michael
Hi to you
1:58pm • #6
Localism Sponsor Hit Router

Hi Michael,

The two areas with the greatest deflation are properties over $500k, and properties in outlying areas. There is certainly some deflation below 300k (roughly 5% in the Eugene area), but homes in great condition and desirable locations (like SE Eugene) still sell in a matter of days if they are priced competitively.

Thanks for the comment, and if you'd like more information or a custom market report, please email me directly: bobby@bobbystevens.com, or call 541 225-8081

 

Best,
Bobby
2:28pm • #7
JAN
03
2009

Interesting read, it's always good to have raw data so that one can draw their own conclusions, and I think yours are pretty accurate.

If I may, though, I'd like to interject a small ray of hope.  Even though the market is down here, please remember that overall Oregon's housing market is in one of the best shapes nationwide.  I recently moved out here from FL, where I lived in a rather large subdivision who's homes were priced at $50K when I purchased in 2000.  I watched prices shoot over $160-180K, and then drop back down to Y2K prices before I left at the beginning of the year.  At that time, almost every other property in the subdivision was either vacant from foreclosure, or had a for sale sign out front.  I had one neighbor who hasn't made a payment in over 2 years, yes, 2 YEARS!  The bank won't foreclose because they know they can't sell it.

I think people here need to be reminded that there's a lot to be thankful for, even if they're noticing a downward trend.  FL's market still isn't anywhere near as bad as CA or UT from what I understand.  Real estate professionals, in my opinion, should use this time as an opportunity to retool their thinking and start devising more efficient and productive ways to put present their listings in the most favorable light so that they stand out the most to potential buyers.
1:53pm • #8

Leave a response…

(optional)
What does the graphic say?
 
011_head_crop_print Rainmaker_large

Bobby Stevens ~ Eugene, Oregon Realtor

Eugene, OR

More about me…

Windermere Real Estate/Lane County

Address: 1600 Oak Street, Eugene, OR, 97401

Office Phone: (541) 465-8141

Cell Phone: (541) 225-8081

Email Me



Links

Archives

RSS 2.0 Feed for this blog

Find OR real estate agents and Eugene real estate on ActiveRain.