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Lane home sales buck trend

Published on November 17, 2017 3:01AM

Last changed on November 17, 2017 8:00AM


There was no seasonally typical slowdown in Lane County’s real estate market in October, as strong demand for homes led to a sharp increase in pending sales, according to the latest report.

The number of pending sales in October increased more than 14 percent from the same month last year, the Portland-based Regional Multiple Listing Service reported on Wednesday.

Much of the home-selling activity took place in Eugene and Springfield neighborhoods with homes priced $200,000 to $400,000, RMLS figures show.

Pending sales in October reached 477, up from 417 in October 2016, according to RMLS.

“It was the strongest October for pending sales in Lane County since at least 2001,” RMLS said in the monthly report.

Lane County, like many other places in Oregon, has been in the throes of a seller’s market for an extended period, with several buyers often competing for a single home.

Elliott Wood, president of the Eugene Association of Realtors, said it’s typical for home sales to slow from September to the end of the year, but this October proved an exception.

“The continued pent-up buyer demand we have in the market, and buyers making a push to get into new homes prior to the holiday months, are two factors that could account for the high activity was saw in October,” he said.

In the first 10 months of the year, 4,368 homes were sold in Lane County, only one home more than in the comparable 2016 period, RMLS reported.

Last year was one of the strongest years for home sales in Lane County during the last decade, Wood said, and “2017 is exactly on pace with 2016.”

Through the first 10 months of the year, 511 homes were sold in west Eugene, including Bethel-Danebo neighborhoods, the most of any area in the county, according to RLMS.

Other active areas were southwest Eugene, 491; south Lane County, 404; Springfield, 358; and Santa Clara, 339.

“The most active price range we have in Lane County is the $200,000 to $400,000 range,” Wood said. “The $200,000 to $300,000 range is red hot.”

“The Danebo, River Road, Santa Clara, Springfield and all other areas throughout Lane County with homes in these prices ranges have been selling quickly, and have benefited greatly from the growth in this upswing market,” Wood said.

The time it took to sell a Lane County home dropped dramatically in October from September and from a year earlier, RMLS figures show.

Homes sold in October spent an average of 39 days on the market compared with 50 days in September. The October pace was similar to the busy home-selling months of summer, RMLS said.

Last October, homes spent an average of 52 days on the market, according to RMLS.

During June, July and August, it took between 36 and 40 days to sell a home in Lane County, RMLS figures show.

Closed sales in October increased 6.5 percent, to 428, up from 402 last October, RMLS reported.

In Lane County, excluding the Florence area, which RMLS reports separately, the median sales price in October was $265,000, down slightly from the median of $265,900 in September.

However, the median sales figure was up 6.4 percent from October 2016, when it was $249,000, according to RMLS.

“Upward pressure benefits all price points and strengthens the overall market,” Wood said.

The average price of homes sold in October was $284,600, also down slightly from September’s average of $285,600, but up 1.4 percent from October 2016, when it was $280,700.

Through the first 10 months of the year, the median price of homes in Lane County rose 10.6 percent, to $260,000, from the comparable period in 2016.

Through October, the average sale price of homes in Lane County, excluding the Florence area, rose 9.5 percent, to $288,200, from the comparable year-earlier period.

In the Florence area, 58 pending sales in October represented a 31.8 percent increase from the year-earlier month, RMLS reported.

Through the first 10 months of the year, the median sales price in the Florence area was $223,700, up 6.2 percent from the $210,800 median price a year earlier, according to RMLS.

Meanwhile, the inventory of Lane County homes for sale was two months in October, down slightly from 2.2 months in September, according to RMLS.

The inventory number is based on how long it would take to sell the entire stock of for-sale homes at the current sales pace.

An inventory of less than six months generally fuels a sellers’ market.

Follow Ed Russo on Twitter @edwardrusso . Email ed.russo@registerguard.com .



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