Monday, December 28, 2009

Eugene RMLS Market Action Report – November 2009

The Regional Multiple Listing Service released October’s Market Action Report and the median sale price for November 2009 was $199,800 this is a 3% decrease from the median sale price for November 2008.

The Eugene residential real estate market peaked in June 2007 with a median sale price of $243,300. Prices have now fallen 18.0% from that peak.

Months of supply (total inventory/monthly sales) is at 7.3 months compared to the 11.4 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 1,854 homes for sale; this is a decrease of 14% from the same month the year before.

The third chart shows closed sales by month. There were 254 closed sales during the month; an increase of 34% from the same month the year before.

The fourth chart shows new listings by month. There were 355 new listings during the month; a decrease of 1% 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 14% from the current median for the ratio to reach 3.0.