Thursday, May 20, 2010

Eugene RMLS Market Action Report – April 2010

The Regional Multiple Listing Service released October’s Market Action Report and the median sale price for April 2010 was $199,900 this is a 2% increase from the median sale price for April 2009.

The Eugene residential real estate market peaked in June 2007 with a median sale price of $243,300. Prices have now fallen 17.8% from that peak.

Months of supply (total inventory/monthly sales) is at 7.3 months compared to the 10.5 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 2,263 homes for sale; this is an increase of 16.5% from the same month the year before.

The third chart shows closed sales by month. There were 310 closed sales during the month; an increase of 67% from the same month the year before.

The fourth chart shows new listings by month. There were 691 new listings during the month; an increase of 30% 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.




0 comments: