While Pacwest specializes in commercial real estate, we feel that it’s important to keep our clients informed of the activity in the residential arena. At October’s rate of sales, the current 1,939 active residential listings would last approximately 6 months. A truly healthy market likes to see that balance closer to 2-3 months of inventory.
In the month of October, closed sales were up 5.7% but pending sales were down 6.7%. We are still seeing a glut of pending sales that are waiting for bank approval due to short sale situations.
Check out the attached report, especially page 2. Notice the Average Sales Price % Change field. This is a comparison of the rolling average sales price for the last 12 months with the 12 month before. As you can see the figures are all over the board depending on what area of Lane County you are interested in.
If you would like more information on real estate trends in Lane County, don’t hesitate to call us at (541) 686-8246.