Friday, November 20, 2015

Where Is the Lane County Market Heading?

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We’re always asked, “Are we in a buyer’s or seller’s market?” Well, today, we experience a shift towards the seller’s favor from low inventory. We currently have about three months worth of inventory for sale.

This year, home sales were up 31% compared to last year, which has lessened inventory significantly.

Additionally, the average sales price also increased 3%. We have an average sales price of $244,000 compared to last year’s $235,000.

The average time on the market has decreased from 86 days to 71, so homes are flying off the market!

We’re expecting a similar market in 2016. The experts credit the improving economy to consumer optimism.

However, interest rates are still unpredictable!
Recently, we experienced a quarter of a perfect increase in October’s interest rates. This continued low rate remains a home run for buyers and sellers in the near future

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