May 2009 Real estate sales: Eugene, Springfield, Cottage Grove, Creswell and greater Lane County Oregon Market update.

After posting record high levels of housing inventory in January, the estimated monthly supply of available homes in Lane County has dropped to 8.1 months in May. One year ago this month the number was 8.6

The average home sale price in May 2009 was $224,200 (down 15.5% from May 2008), and there were 247 closed sales compared to 274 closed sales in May 2008.

The biggest losers - sale prices down more than 14% from last year:

• Properties in the rural areas of South Lane County including Cottage Grove and Creswell
• West Lane County properties including Veneta and Elmira
• Junction City

Bucking the trend:

• West Eugene, which includes Whiteaker, West Jefferson, and Downtown neighborhoods is up 2% from last year.
  

Please email me and request "May Market Action" to receive the full report and follow the numbers for your area.

What does all this mean if you need to buy or sell in our current market?

1. Price continues to be the dominant factor in determining how quickly properties will sell, or if they will sell at all.
2. 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.
3. 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.
4. 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.