Eugene, Oregon's SANTA CLARA Neighborhood: Active Listings are Down, Closed Sales are Flat, May 2002 - 2009

In May, 2009, the inventory of homes for sale in Eugene, OR's SANTA CLARA neighborhood declined dramatically from the high recorded in May, 2008.

The number of active listings declined 34% from 2008 (and was also 23% lower than in 2007).

This is great news for SANTA CLARA sellers. A decline in inventory is a necessary first step toward stabilized prices (and, later, increased confidence and increased sales) .

However, this trend was partially mitigated by the fact that the number of closed sales in the SANTA CLARA neighborhood stayed level in May, compared to the prior year.

Of course, the inventory level (number of active listings) remains higher than during the unprecedented 2004 - 2005 boom period.

SANTA CLARA home sales in May (23) were well below the average for the 2002-2005 period (38).

However, the real new is: The inventory domino has fallen.

(This chart derived from data published by Portland RMLS by Jim Hale, Principal Broker, ACTIONAGENTS.NET)