Real Estate Revolution – The Revolution is Back: Here’s What’s New in Bend and Eugene’s Markets

Last Updated July 29, 2022

The Real Estate Revolution podcast has been on a bit of a summer vacation, but we’re back in the studio and ready to give you our weekly insights on all that matters most to anyone who’s watching the Bend/Redmond and Eugene/Springfield real estate markets.

This week, Kip and Ryan  offer the latest market data for the first 3 weeks of July and give an overview of its implications for buyers and sellers. We’re at a pivotal moment where the rules of the game are starting change in some ways, while staying the same in others. Be sure to tune in!

Voiceover: 0:03

The world is changing fast, and so are the local real estate markets. Don’t worry, though, we’ve got you covered. Welcome to the Real Estate revolution.

Kip Lohr: 0:12

This is the Real Estate Revolution podcast, and I’m Kip Lohr, your host. And for those of you out there that have been our best fans listening to our show every week, we apologize for being on hiatus for the last several weeks. But this latest show, this new show will make up for all of that because we are going to dig right into what’s going on in the Bend/Redmond markets and in the Eugene/Springfield markets. And since there’s been some time since we’ve had our last market report, there are some really interesting numbers and interesting trends. We are definitely seeing some shifts in the Bend/Redmond market that we will talk about. But before we get into that, I want to of course introduce my co host, Ryan Neal. How are you doing Ryan?

Ryan Neal: 0:55

Doing great Kip, it’s good to be back on the Real Estate Revolution. It’s really been too long. I’ve missed doing

Kip Lohr: 1:01

Me too. Me too. I mean, you went to Spain. And, Yeah, we’ve been hovering just a bit under 100 degrees here in the show. you know, I had my part in the hiatus. So between the two of And I am in Bend currently right now. And we have us, we kind of had to step back from the show. But I am excited to get back to it. And we promise we are going to be back on a weekly basis with great information for our folks out there and some really fun stuff. And also, just as kind of a side note, we are going to change some formatting a little bit. We are going to include a Local Business Focus segment in our show every week, which will focus in on local businesses and what’s going on with them. This is part of our lifestyles been experiencing a version of what you guys have had there in portion of the show where we’re really going to feature kind of why Bend and Redmond are special, why Eugene and Springfield are special. And part of the reason they’re special is through all the local businesses that are providing, you know, services and food and all kinds of great support to the community. And so starting next week, we will have that as Eugene for four or five days or so. And that’s scheduled, it part of our weekly programming as well. So anyway, Ryan, what do you been up to? I mean, it’s getting kind of hot out there, right? Eugene. And it looks like later on in the week, at least for us,

Ryan Neal: 2:40

Yeah, definitely. This is really the time in the Eugene/Springfield area where we get almost no rain, which is a shift from many of the other parts of the year. So people looks like to continue through the week. So you know, this is really do take advantage and continue to take advantage. It’s we’re gonna see some cooling down and maybe even some thunder just important for folks out there, stay hydrated. That’s key. Yeah, hit the river. I mean, this is one of the best times to

Kip Lohr: 2:59

And we were seeing earlier this year in January and hit the McKenzie or hit the Willamette River, they’re in your area right now. And then people are on the Deschutes en masse right now. In fact, I was in the river yesterday and am planning to hop in the river again later today. But that’s February just below 3% so that is a huge jump just in a six probably enough of you and I bantering about lifestyle stuff, let’s get into what has been going on in our markets. And just for those of you listening, we’re going to split the show today in two, we will talk about the Bend/Redmond markets first. We’ll take a little break, and then we’ll jump into the Eugene month period of time. It’s a huge jump, and it makes a huge showers. But I’ll tell you, it hasn’t kept people from getting and Springfield markets. And I think through our conversation, you’re gonna see there’s kind of a tale of two different markets going on right now. And you know, what has been going on with the interest rates going up? And what has been going on kind of an unprecedented heat that we’re seeing here in in the economy, I think is really starting to, you know, difference in terms of purchasing power, especially show signs of stress, at least here in the Bend/Redmond market. Would you agree?

Ryan Neal: 3:51

I would certainly agree. I mean, that has been the big story. You know, when it comes to real estate markets all across the country, people have been forecasting and experiencing a slowdown in many, many markets across the country. when, as we’ll see prices, aren’t particularly going down But as we like to remind everyone, real estate is local to a degree which few other kinds of markets are. So we out and enjoying what’s really special about our two really need to go into the specifics of what’s happening in our local markets for you to really have a good sense of what’s going on. and either the Bend/Redmond or Eugene/Springfield markets,

Kip Lohr: 4:17

Yeah, that’s right. So why don’t we start out talking about interest rates and what they are doing right now and how that’s, you know, a stark difference than what we saw even a month or two ago?

Ryan Neal: 4:27

Well, for 30 year fixed rate mortgages, with Eugene/ Springfield a little bit. conventional financing, we’re seeing a rate of 5.99%. So just which I think is a reflection of even though we’re seeing an under 6%, 6.08%, inclusive of fees/APR. communities. Wouldn’t you agree? Yeah, yeah, definitely. We’re – in increase in inventory, it’s still, you know, historic low inventory. particular in the Bend market, we are starting to go back toward, you know, inventory levels, which are more in line with what we’re seeing in 2019 2020. Before the pandemic happened anyway. Right. But in Eugene Springfield, definitely, inventory levels are still close to historic lows.

Kip Lohr: 5:30

Yeah. So why don’t we get into some of the numbers here in Bend, just to kind of give people an idea of what we’re seeing right now on the ground? Yeah.

Ryan Neal: 5:39

So when we talk about real estate market data, it’s important to kind of make distinctions based upon when the data is coming in. So if we’re talking about closed sales, then those are sales that obviously went into contract, usually one or even two or more months beforehand. So when we look at the numbers for closed properties, you know, what we’re really seeing is a snapshot of what the market looked like a month or two months ago, what we’re seeing in Bend, as far as closed sales is a median sale price of $770,500. That’s actually up from the numbers that we saw in June, while showing that there’s still activity, people are still paying top dollar for properties in Bend, and they’re still going off the market relatively fast. We have a median days on the market of 10, which is up from what we saw in June, when median time on market was seven days. But it’s not the huge increase that, you know, many agents are starting to experience in Bend right now.

Kip Lohr: 6:39

Yeah, and I, you know – just anecdotally, so what I have been seeing is there has been a lag of, you know, listing agents and sellers kind of understanding that the days of, you know, asking the buyers to write a blank check are kind of over. Buyers are more willing to push against their price. We’re seeing price reductions here in Bend, much more common than we saw, even, you know, a month and a half or two months ago. And I think when you share the pending numbers with us, you’re going to start seeing kind of those days on the market and that kind of dynamic really starting to reveal itself.

Ryan Neal: 7:16

Yeah, so the data we have for pending sales is reflecting properties that went into contract in the first three weeks of July. So with those properties, they spent a median of 22 days on the market, which if you think about it, it’s a pretty incredible jump in just a short period of time.

Kip Lohr: 7:33

Yeah, no, that’s absolutely true.

Ryan Neal: 7:35

And we’re also seeing prices that are a bit low. Of course, we don’t have the sale prices yet, because they haven’t closed. That’s right. But these properties that went pending were listed at a median of $749,000. So that’s a few percentage points drop from the closed sales that we saw. And also, it’s good to point out that properties in Bend are now selling for an average of about 2.2% less than their list price. So you know, when the next round of closed sale data comes in, it’s probably going to be a bit lower, it’s probably going to be closer to $740,000.

Kip Lohr: 8:14

Yeah, I think to help people understand that number, what we’re seeing is price reductions happening. So you’ll have an initial list price of let’s say, $800,000. And then we’re seeing price drops, you know, as much of $100,000 off of that original list price. So this pending number that you’re giving, with 22 days on the market, you know, is reflecting enough time on the market that sellers are getting like antsy to get their places sold. And they’re responding by doing price reductions relatively quickly – which, here again, we’re not in normal market mode. In a normal market, we might see some price reductions, but we’re not going to see them that quickly, within a 22 day period. So it’ll really be interesting to see over the next couple of weeks how these pending numbers start to really shake out as far as days on the market. And then, like you’re saying, where that sales price, if we start seeing that trend down a little bit?

Ryan Neal: 9:13

is really a big shift that has happened, is happening in Bend right now, where I really think that Bend’s market has reached this tipping point where we now have 2.3 months of inventory. Last time we checked, there were 680 properties active on Bend’s market. So that’s a fairly big jump in a pretty short period of time. So it is going to have a big impact on the market dynamic. And I think the problem for a lot of agents is that they’re relying upon data which is a little bit outdated. You know, to really get a clear idea of what’s happening in the market, you have to be really drilling down into the nitty gritty, you know, not just looking at closed sales, but going into the pending sale data, looking at what’s on the market right now. How long should your average property spend on the market.

Kip Lohr: 10:01

Yeah, and you know, not all agents out there doing multiple deals a month. And so, when you really are looking at the market through the lens of a deal or two, it’s hard to get a grip on what’s really going on. And I think, you know, we’re seeing the same sort of the mindset not keeping up with what the markets doing. When we saw it going up, you know, appraisers were having a hard time keeping up with what was going on with buyers willing to pay, you know, 100 grand over list. And this was only happening two or three, four months ago, you know, people were still paying a significant amount of money over list price. So we’re seeing the converse side of that. Things are changing rapidly, those interest rates are definitely affecting buyers behavior. And I think the professionals in this market, not all of us are able to kind of keep our fingers on the pulse and really be reactive or responsive to it.

Ryan Neal: 10:54

Yeah, and also, another important thing to mention is that it really is dependent on the particular type of property that is being listed. Some properties, some types of properties are still going to be almost just as much in demand as they were when Bend’s inventory was about a half a month, late in the winter.

Kip Lohr: 11:14

Yeah, that’s right. So there are, you know, I call them unicorn properties where there’s just either no other property like it, or there’s very few like that, that do come up through the course of a year. And so you’re right about that. We just sold one recently that fit right into that category. But even with that property, they got list price, they didn’t get over list price. They were off the market in, I think seven days, which is you know, still pretty quick. But we’re not seeing – even that unicorn property was not seeing multiple offers and a bunch of people banging down the door and driving the price up. So things are shifting quickly. And I think for those of you out there, we really highly encourage you to to tune in every week to listen to our weekly market report, because we will see movement on a weekly basis. Wouldn’t you agree, Ryan?

Ryan Neal: 12:03

Yeah, certainly, we are going to start seeing the landscapes shift in a pretty noticeable way.

Kip Lohr: 12:11

Yeah. So what else is going on in the Bend market that you think really people should be aware of right now?

Ryan Neal: 12:17

Yeah, so you mentioned, this property that we had recently sold that, you know, as you mentioned, there was only a single offer. It was off the market in seven or eight days, so it was relatively relatively quick sale, but didn’t have a bunch of buyers knocking down at the doors. And we did have this short window of time in Bend’s market where there was an unusual degree of competition for luxury properties. And we are starting to shift back toward more of a more of a situation which matches the historical norm for Ben, which is that yes, there’s a big luxury market. But that means a relatively high inventory of luxury properties, spending typically a fair amount of time on the market.

Kip Lohr: 12:59

Yeah, and I think that was the biggest surprise for me. And I know you and I have talked about this off air, about how I had initially thought interest rates, were really going to impact the Eugene Springfield market much more dramatically and quicker than it would affect the bond market having, you know, the reality that the first time homebuyer market and Ben just doesn’t exist, you know, when you’ve got a median home price of $770,000. That’s not the common Joe that’s working in Bend that’s going to be able to afford a home in that price range. And so I thought that interest rates were not going to be that impactful for the people that were looking for second homes, or maybe they’re getting ready to buy their retirement home and come here and live full time. But a lot of these people that are kind of -it’s funny, when we talk about the luxury market, when we talk about a million dollar or $1.2 million house, that’s a luxury market price point in Eugene, but that’s really not in Bend – you’re not pushing into a type of home where it’s the lifestyles of the rich and famous at a million dollars anymore here in Bend. And so a lot of people are still getting financing for their second homes and even for their retirement homes here. And so I underestimated the impact that the interest rates going up would have on kind of that second tier. That second home market has really slowed down because a lot of people here are not able to rent their homes out when they’re not coming and enjoying them here, while they still live from out of area. And so it gets expensive in a hurry when you’re paying 3% more in interest than you were even, you know, four months ago.

Ryan Neal: 14:37

Yeah, yeah, that’s a good point. And as kind of an aside, we mentioned the 30 year fixed rate mortgages as being just under 6%. But interestingly, 30 year jumbo loans are now at an average rate at 4.875%. So significantly lower. So this could actually, if this trend continues, this could actually have a major measurable impact on, like you’re saying, these homes that you definitely are going to need a jumbo loan for but aren’t quite at the range where an all cash sale is going to necessarily be the norm.

Kip Lohr: 15:13

Yeah, that’s right. And I think one thing I’d like the listeners out there to understand is, this is not an indication, in my point of view, that we’re going to see some great downturn in prices, and huge price pressure to go down. I think we’re going to see our market stabilized by the end of the year. We saw it go up dramatically. I think we’re seeing it flattened out dramatically. But I still don’t feel like, based on the continued exuberance in the number of buyers that are interested in coming to the Bend area, having us see the prices drive down significantly. The national headlines love to throw out that there’s these communities, and Bend is definitely one that comes up in the national news as the most likely for prices to dramatically go down. But I just, you know, I still – I’m gonna hold serve on this and say that I don’t think we’re gonna see dramatic price drops here in Central Oregon.

Ryan Neal: 16:10

Yeah, and as dramatic as the increase in inventory in Bend’s market is, we’re still quite a low inventory market. 2.3 months does not by any means qualify as high inventory.

Kip Lohr: 16:22

That’s right, it’s still low.

Ryan Neal: 16:23

And what we saw, what we’ve seen so far in July is that listing activity has actually dropped a bit. You know, in May and June, we had a bunch of people listing their homes to kind of try to take advantage of this kind of last hurrah of fear of missing out that buyers were experiencing who had been trying to purchase a home in Bend all through the winter when the inventory levels were incredibly low. And they were still bringing that same kind of attitude to the offers that they were making, leading up to now. So it’s definitely a different situation now, but we’re also actually on a bit of a downward trend in terms of inventory increases right now at least.

Kip Lohr: 17:00

Yeah, and I would say we’re seeing kind of that seller Yeah, that’s true. So it can definitely go both ways. FOMO starting to happen where a lot of sellers are feeling like maybe they’ve missed out on the top, you know, they are getting ready to retire or have retired and they want to move out of the area. And they were kind of waiting for that, you know, sweet spot to hit the top of the market. And I think part of the increase in inventory – we’re just seeing sellers being like, wow, if we don’t get out of the market now, we’re not going to take advantage of the peak. Yeah. So what’s going on in Redmond right now, you know, the sister city to the north? Historically, prices trend lower – in the case of our current market significantly lower, but they’re still expensive by national standards. What’s going on in Redmond right now?

Ryan Neal: 17:53

Yeah, so in Redmond, we’re kind of seeing a mirror of what’s happening in Bend as far as time spent on the market. But in terms of price decreases, we aren’t actually seeing any of that happening on the horizon, unlike in Bend. Closed sales so far in July have had a median sale price of $530,000. Whereas pending sales, those had a median list price of $549,000. So even if they sell for a bit less than that, we’re still seeing this upward trend in terms of prices. And Redmond’s inventory is also significantly lower than Bend’s, with 1.6 months of inventory right now and a total of 192 properties active on the market right now.

Kip Lohr: 18:33

Wow. Well, so there’s still some exuberance in what we would say is maybe more traditionally the first time homebuyer market, where there’s still, you know, low inventory, the interest rates are going up, but people are still buying up there.

Ryan Neal: 18:47

Yeah, and I think it’s totally about the price point of these homes that are up for sale in Redmond compared to Bend. It’s becoming more and more rare to find anything whatsoever below $500,000 in Bend, so that market has really shifted to Redmond. And as a result, it’s just been a bit more active than what we’re seeing in Bend.

Kip Lohr: 19:06

Yeah. So in some respects, it’s more in line with what we’re seeing in the Eugene/ Springfield markets. Would you agree?

Ryan Neal: 19:14

Yeah, yeah, definitely. If we’re ready to go into Eugene Springfield, we can dive into the numbers. What do

Kip Lohr: 19:20

Yeah, well, why don’t we take a break and when we come you say? back, we’ll dive into the Eugene/Springfield market. And you know, I think listening to the show with the markets back to back, you’re gonna really be able to see a number of differences for sure. But for those of us that are working in both markets, it’s palpable; we can really feel the difference in the two markets. And so, when we get back, we will hit the Eugene/Springfield market.

Ryan Neal: 19:45

Sounds good.

Kip Lohr: 19:50

Welcome back to The Real Estate Revolution Podcast. I’m Kip Lohr, your host, and I have Ryan Neal in the studio. He’s in our studio in Eugene, but we are back at the mics, giving you the truth of what’s going on in the Bend/Redmond markets and Eugene/Springfield markets. And we’ve been talking about kind of an extended Market report. And so for this purpose, we’re going to jump right into the Eugene/Springfield market. So where do you want to start, Ryan?

Ryan Neal: 20:17

We might as well start with closed sales in Eugene. And again, the data that we’re talking about reflects sales from the first three weeks of July.

Kip Lohr: 20:26

Sounds good.

Ryan Neal: 20:26

So the median sale price was $470,000. So that’s right in line with what we saw in June. And these homes are going off the market in a median of six days. So still under a week, very fast.

Kip Lohr: 20:40

Yeah. And they’re selling for almost 100% of list price. So there’s not a whole lot of price reductions going on right now.

Ryan Neal: 20:47

That’s right. I mean, as recently as June, homes, were still selling well above list price in Eugene. They were at a little over 2% on average above list price. Well, so it’s come down a little bit. So there is a shift that’s happening. But at the same time, listing agents and people who are selling their homes are still setting very aggressive prices, and the average number for new listings keeps going up every month. So in the first three weeks of July, the median list price was $504,000. That’s the first time we’ve been above $500,000.

Kip Lohr: 21:22

Yeah, that’s amazing.

Ryan Neal: 21:23

Yep. And pending sales for the first three weeks of July, were listed at a median of $479,000. So prices are going to stay right up there. And these listings, unlike in Bend/Redmond did not spend significantly longer on the month. We have a median days on the market of 10.

Kip Lohr: 21:42

A little bit higher than what we saw for the sales. But we’re still talking about getting off the market very quickly.

Ryan Neal: 21:48

That’s right.

Kip Lohr: 21:49

Yeah. Well, so I think, you know, one of the things that comes to mind for me right now in Eugene is that many of the same strategies that we’re using for buyers and for our sellers, are still holding true, where we’re still seeing some multiple offers, we’re still seeing properties go off the market pretty quick. But maybe there’s just a little shift of gears of, you know, you don’t have to give your firstborn child or your riding lawnmower to get a deal done right now.

Ryan Neal: 22:19

Well, in Eugene especially, there are still going to be particular kinds of properties that are going to attract a lot of attention. So it’s not like bidding wars are quite a thing of the past here. But when it comes to homes that are less special in terms of their location, their level of finishes, etc. Now, they’re tending to find buyers relatively quickly, but it’s not going to be a multiple offer situation like was almost the default in the winter and early spring.

Kip Lohr: 22:47

Yeah, so I think that for both buyers and sellers in the Eugene/Springfield area, particularly the Eugene area, I would say, heed what’s going on in Bend and Redmond, because I think we’re gonna see a similar impact as we continue to see interest rates go up. And so for listing agents and for their sellers that they’re advising, starting to be more cautious about getting too aggressive on your price points now, so that you don’t get caught on the other side of it. What we’ve seen a lot of in Bend is sellers overshooting on price and, you know, then having to come down aggressively on price and be on the market longer, which then gives buyers – they’re more aggressive about pushing back on price, even as you’ve reduced the price. So my advice to sellers out there right now is try to stay in line with what the market’s doing. But don’t get too aggressive. You’re not going to leave money on the table by being spot on with your price. Once you start doing price reductions, the bloods in the water and folks are going to start taking advantage of you. And I think your net is actually going to be lower. If you start too high, and you know, Springfield’s a little bit of a different story. They’re still very, very quick off the market and not very much inventory as well.

Ryan Neal: 24:09

Yeah, I mean, the situation in Springfield’s actually pretty similar right now to what it is in Eugene in terms of inventory levels, time spent on the market. So I mean, actually more recently in Springfield, what we’re seeing for the closed sales for the first three weeks of July is that those spent a median of 11 days on the market, so a bit longer than in Eugene, but pending sales spend a median of 12 days on the market. So it seems like what has been happening in Springfield is that there’s been a lot of activity at the lower end of the market. So there are less features to distinguish many of these houses at the lower end of Springfield’s market from each other.

Kip Lohr: 24:50

You know, in noticing the median home prices between the two markets, there’s not a huge jump. I mean, it’s a $50,000 difference or $49,000 difference, but that’s not really is a huge jump down if you’re going to move to Springfield. So it’s interesting to me that, you know, we’ve seen prices in Springfield become more and more in line with what’s going on in Eugene.

Ryan Neal: 25:12

It is interesting. Earlier in the year during the spring, we were seeing a big uptick in activity at the higher end of Springfield’s market. But actually, what we’re seeing right now is that that’s reversing a bit. Properties at the higher end of Springfield’s market, those listed, let’s say, for $600,000 or more, those have a median time spent on the market at 39 days. And that’s compared to 29 days in Eugene.

Kip Lohr: 25:35

So what you’re thinking is we could actually see the median home price start going down in Springfield as a result of simply the top end of the market slowing down and the number of sales in that top end being fewer than what we’ve seen in the last month or two.

Ryan Neal: 25:50

Yeah, it really seems like people still prefer Eugene as a destination who are able to afford homes, you know, more toward that higher end of the market.

Kip Lohr: 26:00

Yeah. Well, so I don’t want to feel like we’ve short shifted Eugene and Springfield’s markets. But what’s the takeaway? Let’s start with a takeaway in the the Bend/Redmond market. And then let’s do a takeaway for Eugene/Springfield.

Ryan Neal: 26:17

tough pill for many sellers to swallow. As a buyer, you’re probably feeling right now that there are a lot more choices definitely than they were a few months ago if you were in the market back then. But kind of the flipside of that is that you may also be hoping for prices to start to drop drastically in May. You may really be looking forward to that or even completely holding off until these supposed price decreases do happen. But that actually may not be the best move as a buyer in the Bend/Redmond markets.

Kip Lohr: 26:55

Well, I think that’s true, and I primarily for people, interest rates – you know, the Fed just yesterday declared that they’re gonna still be aggressive on interest rates and pushing them even higher. And so we’ve already seen a 3% increase in rates this year. There is going to come a point where the rates alone are going to push people out of the market. And I – you know, one of the things we didn’t talk about a whole lot about with either market – you know, Bend has a lot more new construction going on than the Eugene/Springfield area does. But new construction is definitely slowing down. And we’re seeing new construction properties – up until a couple months ago, they were hitting the market and they were off the market very quickly. And we’re starting to see them come on the market and linger. And I’m talking about new homes that are done, they’ve finished their construction process. And this is a type of property that home builders do not want to have sit around, they want them off the market as soon as they can once they’re completed and they get the occupancy permit. So the canary in the coal mine for what I’m talking about here is what’s going on in new construction right now where we’re seeing buyers being pushed out of the market, and they’ve been in contract for maybe three months, while the construction project’s going on. And by the time that home that they were in contract with is ready for them to actually close on, they can’t afford it anymore because of interest rates. And so we’re going to also see that happen in our used inventory markets as we move along here. And so for now, I think I agree with you 100%, Ryan, on, you know, for most people, if you’re looking into making a move, you want to get into the market still as soon as you can, because interest rates are definitely going to be the biggest factor as far as affordability right now. And as we push into next year and see how the economy is doing next year, we’ll have to maybe alter our opinion a little bit on that front. But for right now I’m in lockstep with you on, if you’re ready to buy, now’s the time to buy.

Ryan Neal: 28:59

Yeah, and you know, sometimes I think it can come across that we’re being a bit too gung ho, maybe that’s the word to use, throughout the market that prices are not going to go down. And that’s you know, that possibility is certainly on the table, but at the same time, it’s not a sure thing.

Kip Lohr: 29:15

It’s not a sure thing, and when it happens, if it happens, it’s not going to be as dramatic as the national headlines would have you think. And so, here again, you’ve got to balance the affordability based on interest rates and price. And the good news for buyers right now is they’re not having to chase the prices going up dramatically. We’re seeing them flatten out pretty dramatically, at least in the Bend/Redmond area right now. And what do you think our takeaway for Eugene Springfield is?

Ryan Neal: 29:45

The takeaway for Eugene/Springfield is that inventory is not really going anywhere. You know, in these markets, we’ve been at extremely low levels of inventory for several years. Right now, even, you know, preceding the pandemic, we were getting down to right around a month in Eugene, and that’s still where we are right now. Not quite as low as we were in the winter and early spring, but it’s still super hard to find a home in Eugene/Springfield, and as a seller, you still have significant leverage. Again, it depends on the type of property that you’re selling, how much, you know, buyers will be eager and anxious to get into it, how likely you are to have multiple offer situations. So you just – it totally depends on your property, how aggressive or how conservative you want to be in terms of setting a list price and setting your expectations.

Kip Lohr: 30:37

Yeah, I agree with that. And, you know, not to bang on the new construction drum too hard, but because we don’t have as much new construction happening in the Eugene/Springfield area, that really is a large part of why our inventory has remained so dramatically low over the last, you know, I would say, four or five years, and there’s not really any end in sight to that, because there’s not large amounts of buildable ground that have been included in the Urban Growth Boundary expansion that happened a few years ago. So I think for me, I agree with you. The takeaway is, we see and we’ll continue to see very low inventory in the Eugene/Springfield markets, with really little respite from that for the foreseeable future. And having said that, we will also see these two markets remain very competitive and be tough on buyers.

Ryan Neal: 31:35

Well, I think we’ve covered a lot of ground here. Any additional parting words before we wrap things up for this week?

Kip Lohr: 31:41

Well, I don’t know if they’re parting words. I’m just excited. We’re back in the saddle with mics in front of our faces. I’m looking forward to getting back to a weekly basis for our podcast and, I hope all of you out there do enjoy our show. And we thank you with from the bottom of our hearts for listening to our show. And I guess, tune in next week for another great show of the Real Estate Revolution Podcast. I’m Kip Lohr, you host and you have Ryan Neal as my co host there in Eugene/Springfield, and we’ll see you next week.

Ryan Neal: 32:14

See you next week.

Voiceover: 32:19

Thank you for joining the revolution. We are over and out until next week, when we’ll continue to fill you in on all that matters most in our local Bend and Eugene real estate scenes. See you next time on The Real Estate Revolution.