Buying or selling a home is one of the biggest decisions you will ever make. For this reason, it is important to let local market trends guide these decisions. Understanding the current condition of the real estate market will help you buy, sell or build smart.
Eugene-Springfield Single Family Homes Listing and Sales Activity
This reflects the market-wide activity in homes for sale as well has sold homes in Eugene and Springfield. This reveals the amount of homes, or ‘supply,’ and the activity or ‘demand’ from buyers. The Y-axis is the number of homes for sale, in relationship to the X-axis, each of the past fourteen months. Note that the perceived seasonality of activity is not accurate to a great degree. As a buyer or seller with flexibility in their timing, understanding these trends can help you do real estate smart.
These statistics are gleaned from the homes that sold on the given month named on the X-axis. Clearly, Eugene and Springfield is not a market where you should expect to be able to negotiate the seller off their list price significantly. At the same time, once buyers understand this, sellers can do real estate smart by pricing themselves close to their anticipated sales price, and not miss buyers by leaving an unwarranted negotiation dollar amount of cushion in the list price. The yellow bars on this graph are a great tool to sell smart. If you are on the market longer than these homes and have not yet received an acceptable offer, move quickly to solve the buyer’s objection to your home!
Where the Activity is in Eugene-Springfield Residential Real Estate by Price-point
This graph illustrates the affordability of our marketplace. If the price of homes for sale (green), closely aligns with the price of homes sold (red), our market is offering a healthy balance. Alternative the gap between these two may reveal a challenge to those of you who plan to buy smart and are a distance apart in price from where the homes for sale are priced. It is not impossible to be successful in your heated market as a buyer, but lace up your Keds because it will take confidence, timely counsel and tenacity to maximize your purchase. As a seller looking at pricing trends, recognize where your home price sits in contrast to where the most sales activity is occurring. You may have read in the media that our market is hot, but this reveals at what price point ‘the heat is on.’
The Rate of Absorption of the Available Homes in the Eugene Springfield Marketplace (Based upon Closed Sales)
Remember that the X-axis reflects the passage of time in months. By looking at the rate of sales during a single month as a ratio to the standing inventory of homes for sale on the last day of that month, we can see a single number indicator of the health of our supply/demand market. The number at the benchmark of each month reflects how long it would take to clear out all of our inventory, if sales continued to occur at the rate they have been occurring. Simply put, is this a buyers’ market or a sellers’ market? By economist definition, a buyers’ market has more than six months inventory available. That is, if the number is more than six, the market is abundant in housing inventory at a slow rate of sale. You are correct if you surmised that less than six month inventory would be considered a sellers’ market.
The Rate of Absorption Rate of the Available Homes in Eugene Springfield Marketplace (Based upon Pending Sales)
This is another way to look at the previous absorption activity in our market. This graph reflects what percentage of the homes for sale during each month was sold during that month. So, if the home was listed prior to the month, or listed during the month and a buyer wrote an offer that was accepted by the seller (thus pending sale), that sale is reflected within the percentage listed on that month.