October 2008 by the numbers: Lane County Real Estate Market update.

Inventory, listings, sales, and sale prices decline for the October 2008 reporting period.

Each month the RMLS (Regional Multiple Listing Service) publishes market statistics for it's service area. As a Eugene area Realtor I focus on the data for Lane County. Being intimately familiar with these numbers helps me to better serve my clients, both buyers and sellers, in a changing market.

For the month of October, total inventory stood at 9.2 months, down from 10.2 in September and up from 7.2 one year ago. This means at the current rate of sales, with no new listings entering the market, it would take over 9 months to sell all of the approximately 2,307 residential properties currently listed.

New property listings have decreased 18.5% and closed sales are down 17.2% compared to October 2007.

The average home sale price is down 5.3%, and the median sale price has dropped 4.5% when comparing the 12 month period ending October 2008 with the same period ending October 2007.

There were 251 homes sold in October 2008, and 2,626 sold since the first of this year, compared to 303 homes sold in October 2007, and 3,647 sold since the first of last year.

Once again, these numbers suggest that:

1. Sellers must ensure that the condition of their property is superior, that their price is competitive, and that their Realtor is a master at marketing and negotiation if they wish to sell in a reasonable time frame.
2. Buyers still have access to a vast number of housing options, and the opportunity to purchase at value prices, if they can obtain financing, and especially if they can pay cash.
3. Agents must work with a high level of dedication and focus to serve the interests of their clients, and to ensure the future of their careers through the current downturn and into economic recovery.

If you have questions about our market or the current data please call or email. And if you need to buy or sell in the Eugene/Springfield area and want top-notch representation, I'm here to help.

Bobby Stevens
541 225-8081
bobby@alternativerealtor.com