With the year’s half-way mark statistics released, it gives us a pretty good idea of the Eugene Springfield market. I look at Closed + Pending Sales and divide by New Listings to give an indication of how quickly inventory is moving in an area. It’s my own little metric, but matches what I see in practice as a Lane County Realtor. In general, the farther away from Eugene Springfield you go, the slower the market. The reason: People still remember $4.50/gallon gas from last year. It looks like there will be between 500 Million and 1 Billion dollars of residential sales in the greater Eugene Springfield area in 2009. Not too bad.
I doubt if the numbers hold for the rest of the year, but there were only a little over 6 months of supply of houses in Lane County in June, 2009. This indicates a surprisingly balanced market, which we’ve not seen in a long time. When there’s over 6 months supply, we’re said to be in a buyers market. My statistics come from the most recent data from RMLS.