The Regional Multiple Listing Service released the February Market Action Report and the median sale price for February 2011 was $159,100 this is a 16% decrease from the median sale price for February 2010.
The Eugene residential real estate market peaked in June 2007 with a median sale price of $243,300. Prices have now fallen 35% from that peak.
Months of supply (total inventory/monthly sales) is at 11.9 months compared to the 10.9 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 1,915 homes for sale; this is a decrease of 2% from the same month the year before.
The third chart shows closed sales by month. There were 161 closed sales during the month; a decrease of 10% from the same month the year before.
The fourth chart shows new listings by month. There were 407 new listings during the month; a decrease of 27% 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. The median priced home is affordable in Eugene.