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The market continues to be very active with low inventory and rising average prices (a simple supply and demand issue). In Lane County, Oregon July was the best month for closed sales since August 2005. Closed sales were up 30%!
With possible rising interest rate, historical seasonal patterns, and the robust year-to-date activity, we are anticipating a slower fourth quarter with regards to number of closed sales.
However, anticipated continued price appreciation from 0-6%. It’s important to remember real estate is very location-specific and values vary neighborhood to neighborhood.
In addition to real estate being very local we are seeing more activity under $450,000 and a softer market above 450,000. As 2015 has moved along demand for “upper end” homes has seem to decline.
Lane County
Lane County’s closed sales in July (542) increased 39.0% over the 390 closings that occurred in July 2014, and a 1.1% over the 536 closings from last month in June 2015. It was the strongest July for closings in Lane County on the RMLS™ record, and the best month for closings since August 2005, when there were 571 closings posted. Pending sales (524) were also strong, increasing 39.7% over the 375 offers accepted in July 2014, but falling 5.9% short of the 557 offers accepted last month, in June 2015. New listings, at 647, beat last July’s 646 new listings by just one (0.2%) and fell 4.9% short of the 680 new listings posted last month (June 2015).
Comparing 2015 to 2014 through July of each year, the average sale price rose 3.5% from $235,000 to $243,300. In the same comparison, the median sale price rose 4.3% from $211,000 to $220,000.
Note: Lane County excluding Florence, Oregon
Portland Metro
Real estate activity in the Portland metro area saw increases across the board compared to July of last year. Closed sales outpaced all measures—the 3,452 closings bested last month (3,302) by 4.5% and last July’s 2,678 by 28.9%. In fact, it was the best July for closings in Portland on the RMLS™ record!
Pending sales (3,494) fell 3.1% short of the 3,605 offers accepted last month (June 2015) but surpassed the 2,802 offers accepted in July 2014 by 24.7%. The last July with more pending sales in the Portland metro area was in 2005, when 3,792 offers were accepted. Similarly, new listings (4,273) were 0.2% cooler than in June (4,280) but outpaced July 2014’s 3,954 new listings by 8.1%.
Inventory increased very slightly in July, and currently sits at 1.7 months. Total market time increased just as slightly, now standing at 45 days. There are currently a total of 5,708 active residential listings in the Portland metro area.
Prices continue to rise in 2015 compared to 2014. Comparing each year through July, the average sale price rose 6.1% from $331,400 to $351,600. In the same comparison, the median sale price rose 7.0% from $284,900 to $304,900.
About
Information in this report is provided through data and information by RMLS (Regional Multiple Listings Service), RLID (Regional Land Information Data), and Trengrahix Statistical Analysis.
Matt R. Powell is the Co-Owner of Windermere Real Estate/Lane County, Windermere Commercial, and Trinity Real Estate Services located in Eugene, Oregon. Real Estate companies providing residential, commercial, and REO asset management services throughout Oregon.
