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With the curtain closing on 2022, homes in Eugene are spending longer on the market than they have at any point since early 2020. Both buyer and seller activity are down significantly, and prices are about 9% from where they were in the late summer. &&& With all of that said, inventory is down under a month again after hovering at 1.2 months the past several months. Prices are up slightly month-over-month, and homes with updated finishes in the most desirable locations are still selling fast. &&& Buyer demand is not what it was, but with so few homes going on the market, buyers may be surprised by the level of competition on some properties. Oregon remains a popular relocation destination - and those who bought homes while interest rates were still low are holding tight.

After a number of months of holding steady, Eugene’s sale prices dropped significantly in October. That was due to a significant decline in activity at the upper end of the market. November saw somewhat of a reversal, with median sale prices climbing to $435,000. Homes sold for a median of 98.8% of list price, 2% better than a month earlier. &&& Properties are spending longer on the market, with the median rising to 15 days. That’s a typical seasonal shift, though, and homes are still selling relatively quickly in Eugene relative to many other markets. With inventory remaining flat at 1.2 months, Eugene’s market remains well insulated from the effects of a potential recession. 

While buyer activity in Bend has continued to slide downward, November’s numbers show that - for the time being - the market here has reached a kind of equilibrium. &&& Inventory, however, remains flat month-over-month. That's because new listings are down almost as much as pending sales. Would-be sellers have little incentive to put their homes on the market, especially if they bought when mortgage rates were much lower. &&& Sellers got slightly more aggressive in November, with list prices increasing to a median of $720,000, up 3% month-over-month. That corresponds with a slight decrease in inventory. There are plenty of buyers still looking in Bend who are willing to pay a premium - for the right property. &&&

In October, inventory remained flat month-over-month in Eugene. Buyer activity, as measured by pending sales, is down 19% year-over-year, but new listing activity is down almost as much. Meanwhile, the median time spent on the market actually decreased, falling to 10 days.&&& There's one big surprise in October's numbers, however: Eugene's median sale price plummeted to just $418,000 in October. That's a decline of 4% year-over-year and a whopping 13% month-over-month. &&& Prices have remained remarkably stable in Eugene over the past few months, even as mortgage rates have climbed higher and higher. So, what changed in October? &&& The answer: a significant drop in activity at the upper end of Eugene's market. In September, 43 $700k+ properties sold in Eugene. In October, only 17 such properties sold. &&& In other words, properties didn't sell for 13% in October than they would have in September. Rather, activity is shifting toward the lower and middle end of Eugene's market. This reflects, in part, the usual seasonal dynamic in Eugene's market. But it's also possible that would-be-buyers have simply hit a wall in terms of what they can afford. We'll be watching developments in Eugene's market with interest.

October's numbers represent a continuation of what we saw last month in Bend. Buyer activity is down significantly - 42% year-over-year as measured by pending sales. Meanwhile, properties continue to spend longer on the market, reaching a median of 30 days in October. &&& Inventory, however, remains flat month-over-month. That's because new listings are down almost as much as pending sales. Would-be sellers have little incentive to put their homes on the market, especially if they bought when mortgage rates were much lower. &&& Prices have zig-zagged somewhat in Bend over the past couple months. October's median sale price of $680,000 represents a month-over-month decline of 6%. A slowdown in luxury home sales - typical for the season - accounts for part of that decline. Still, homes are selling for less in Bend than they have at any point since December 2021. &&& In October, homes sold for an average of 94.6% of their original list price, a decline of about 1% month-over-month. List prices in Bend are flat, however, indicating that seller expectations are still somewhat inflated.

Each month, we comb through the data to give you the most accurate and up-to-date picture of what's happening in our local markets.

Over the past number of months, home prices in Bend have trended downward. September marked a reversal, with sale prices up 3% month-over-month. Still, the past month’s pending sale data indicates that October’s numbers will likely come in closer to $700k again. We expect prices to hover right around there for the time being. &&&If you’re hoping to sell your home, that isn’t terrible news at least. Still, average time on the market is climbing significantly, which is leading some sellers to start panicking. &&&How much you’ll need to compromise will depend entirely on the location of your home, overall condition, and level of finishes. Generally speaking, it’s important to be patient in the current market, but it may be necessary to contemplate significant price reductions depending on how aggressive you were out the gate. &&&In September, Bend’s inventory dropped slightly month-over-month, which is completely in line with the usual seasonal trend. Inventory should continue to decline heading into the winter. Needless to say though, homes won’t be as scarce in Bend as they were the past two winters.

Each month, we comb through the data to give you the most accurate and up-to-date picture of what's happening in our local markets.