The Regional Multiple Listing Service released the December Market Action Report and the median sale price for December 2010 was $183,400 this is a 6% decrease from the median sale price for December 2009.
The Eugene residential real estate market peaked in June 2007 with a median sale price of $243,300. Prices have now fallen 25.0% from that peak.
Months of supply (total inventory/monthly sales) is at 8.1 months compared to the 7.1 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 1,863 homes for sale; this is an increase of 7% from the same month the year before.
The third chart shows closed sales by month. There were 230 closed sales during the month; a decrease of 6% from the same month the year before.
The fourth chart shows new listings by month. There were 224 new listings during the month; a decrease of 25.% 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 6% from the current median for the ratio to reach 3.0.