Your Latest Lane County Market Update

According to the latest numbers, Lane County is a seller’s market. 

What’s happening in the Lane County market now that we’ve reached the midpoint of 2020? Let’s start by reviewing the year-over-year statistics from last June.

Listings are down 18% compared to June 2019, but pending contracts are up 5.6%. This is interesting because it means we have very low inventory. Last month, I was hopeful because our inventory had increased to two months’ worth, but now we’ve dropped back down to 1.3 months (roughly 37 days).
 

In a normal market (which we’d love to see again), there is usually about six months’ worth of inventory. At that number, buyers and sellers are on an equal footing. At the moment, we’re in a strong seller’s market, so you can see why there are so many multiple-offer situations happening.

Home prices, meanwhile, continue to ratchet upward: The average price is $338,000, and the median price is $310,000. Just a quick reminder: The median price is the price near which most homes are selling, whereas the average is what you get when you add up all the sale prices for homes sold in a specific area within a specified time frame and divide that total by the number of properties sold.

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The average price is $338,000, and the median price is $310,000.

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Here are the latest interest rate averages as of July 15:

• Conventional mortgage: 2.875%
• 15-year mortgage: 2.5%
• VA, FHA, and USDA loans: 2.75%

It seems like I keep saying this over and over, but these rates are record lows. Just when we get used to a new low, they drop even lower! Now, I’m not sure when this will end, but sooner or later, they’ll creep back up.

As always, if you want to know more about our Lane County market or have any real estate needs at all, don’t hesitate to reach out to me. I’m happy to help.