Through most of the summer and fall, Eugene’s residential inventory had mostly remained flat at a quite low 0.8 months. In November, though, new listings fell by 34% month-over-month while pending sales dropped by only 8%. As a result, Eugene’s inventory dropped to 0.6 months, tying the record low that we saw in the spring.
In Eugene’s market, it’s typical for inventory to fall heading into the winter as buyers score deals on leftovers from the fall and summer. The difference this year is that inventory is already lower than ever. The aforementioned “deals” drove November’s median sale price down from October’s record high, but we may be heading back there pretty fast.
Bidding wars are much less common than they were in the spring and summer, with only a handful of properties selling for 10% or more above list price, but that’s really a result of list prices finally catching up to the reality of the market.
Sellers who are too aggressive may see their homes sit on the market, especially during the slower winter season. Still, there are more than enough buyers waiting in the wings waiting to pounce upon most of whatever may hit the market in the coming months – and pay a decent penny for it.
October 2021 Eugene Real Estate Market Report
October sales hit a record median of $450,000 in Eugene, a remarkable 6% month-over-month jump after prices had mostly remained flat through the summer. Nothing too obvious has shifted in Eugene’s market, but that might be precisely the point.
With buyer and seller activity basically keeping pace with each other, there hasn’t been any chance for inventory to accumulate in Eugene. Buyers perhaps didn’t find themselves at as much of an advantage as they’d hoped following a nationwide cooldown in the housing market.
We’ve been repeating this for a while, but it’s even more true today than it ever was: Eugene’s market isn’t shifting course any time in the foreseeable future. It won’t blow up, simply because there isn’t enough inventory to support it, but demand should continue to outstrip supply and prices should continue to march upward, even if they do flatten out from here for a few months.
Buyers may wait on the sidelines for most of the winter – and sellers certainly will – but the spring of 2022 could very well be a repeat of this year irrespective of national trends.