According to Thursdays R.M.L.S. report, reflecting market activity for August 2013, Lane County Ore. recorded its best over-all home sales month since August 2007. The Portland based agency report indicates that market momentum is here to stay as demand outstrips available housing inventory.
Eugene Realtors are noting long tern stability in home pricing. According to Realtor Raymond Max,” the late summer and early fall market remains busy with out of state buyers revisiting the possibility of retiring to the region. “
“Affordability, a small town feel and reasonable mild winter weather will push the future population growth of the region.” For the first time in years, area builders are shopping for city lots, it’s a measurable increase in housing sector activity!” says Max.
The indicators: While average days on market has increased to 80 days, pending and closed sales surpass those reported the previous August; with a slight decrease in inventory to 4.5 month at the current rate of pending sales.
As reported by Bloomberg News, with lending practices easing a bit, and an average 30 year conventional interest rate hovering below 5%, most in the industry believe that market momentum will continue well into 2014.
Consumers considering the purchase or sale of a home may not wish to remain in a holding pattern.
According to R.M.L.S., to date, the average home price in Lane County has increased no less than 14% over closed sales recorded in 2012. While this double digit trend may or may not continue into 2014, Orange County Ca. based real estate data service Zillow predicts that Lane County prices will increase no less than 3.5% in 2014.
For more information on Western Oregon and Lane County Real Estate, check here.