The Regional Multiple Listing Service released January’s Market Action Report and the median sale price for January 2009 was $187,500 this is a 16.7% decrease from the median sale price for January 2008.
The Eugene residential real estate market peaked in June 2007 with a median sale price of $243,300. Prices have now fallen 23.0% from that peak.
Months of supply (total inventory/monthly sales) is at 20.6 months compared to the 10.2 months of supply for the same month last year. A balanced market has about 7 months of supply.
The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.
The second graph shows the total supply of homes available for sale. This is simply a calculation of the months closed sales multiplied by the months of supply. There are currently 1,957 homes for sale; this is an increase of 8.4% from the same month the year before.
The third chart shows closed sales by month. There were 95 closed sales during the month; a decrease of 46.3% from the same month the year before.
The fourth chart shows new listings by month. There were 493 new listings during the month; a decrease of 5.9% from the same month the year before.
The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would have to fall 11.2% from the current median for the ratio to reach 3.0.
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