You read it right! Eugene, Oregon was rated number five in the nation by CNN Money for rebounding housing markets. The article reads on to state that Eugene area housing prices will up-tick 14.5% in 2013.
Furthermore, the May 15th RMLS report reflecting area market action for April, shows even greater recovery momentum then that predicted by CNN.
Touting double digit year after year increases in median and recorded closed sales price, Eugene and much of Western Oregon is on track to recover 50% of home price lost from those recorded at top of market in late 2007.
Agency owner and Principal Broker David Holland of Barnhart Associates Eugene, is cautiously optimistic as to graph indicators. A successful commercial, residential practitioner, Holland leaves the “indicators” to the market. A decade into the business, Holland has weathered the storm of arguably the worst home market downtrend experienced since the Great Depression of the 1920s. When asked what is key to the timely selling of a home in today’s market? Holland points to condition, location, marketing exposure and price.”
In listening to David, one discovers that today’s home buyer is generally well researched via the internet, and very aware of the possible downside of the housing market. Most come to the table with a bit of caution. Those ready to buy do so with a qualified conviction. Sellers must be priced and positioned properly to meet an ever evolving market.
Holland, as with others in his industry is happy to see a long awaited turn around, but when asked about the market’s future, opts to wait a few months before acknowledging a sustainable market correction.. Holland and company is very busy as the area market returns to the days of low inventory, favorable interest rates and multiple offers. The service oriented firm is buried in multiple offer transactions as buyer interest collides with a demand diminished housing inventory.
Area real estate by the numbers: According to the Portland based RMLS, at the present rate of closed sales the regions housing inventory remains at 4.5 months, down from an adjusted seasonal high of 14 months recorded in 2010.
Buyer demand out paces supply, as new listings measurably up from March 2013 and 2012, fail to catch a now Seller’s market fueled by low interest rates and pent-up buyer’s demand.
Also, median and closed sale price is up 12.5% over those recorded in March 2012, further validating the possibility of a sustainable market uptick.
Research indicates that an influx of out of state buyers attracted to what they consider to be a “ fair” priced market in a moderate weather state, will drive the market into positive financial territory by the first quarter of 2014; providing that the state and national economy recovery remains on trend.
For more information about Western Oregon and Lane County real estate check here.