Thursday, September 23, 2010

Eugene RMLS Market Action Report – August 2010

The Regional Multiple Listing Service released October’s Market Action Report and the median sale price for August 2010 was $206,800 this is a 4% increase from the median sale price for August 2009.

The Eugene residential real estate market peaked in June 2007 with a median sale price of $243,300. Prices have now fallen 15.0% from that peak.

Months of supply (total inventory/monthly sales) is at 10.7 months compared to the 7.8 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 2,653 homes for sale; this is an increase of 27.9% from the same month the year before.



The third chart shows closed sales by month. There were 248 closed sales during the month; a decrease of 6.7% from the same month the year before.


The fourth chart shows new listings by month. There were 576 new listings during the month; a decrease of 1.5% 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 17% from the current median for the ratio to reach 3.0.


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