Happy New Year!

We hope this finds you well, and that 2023 treats you kindly.

The increase in mortgage interest rates undoubtedly effected Lane County’s real estate market, beginning in the 4th quarter. When comparing 2022 to 2021:

• The number of new listings taken in was down 27.1%.

• Pending and closed sales were both down, 32.1% and 43.5% respectively.

• The average sales price in December was lower than in November (-3.1%).

• Total market time increased significantly (49.7%).

• Listing inventory is up compared to the last few years, but it still below the 6 remaining months that would indicate a balance market.

It remains to be seen what effect the holiday season had on our market. In the first couple weeks of January, we are seeing an increase in buyer activity, particularly when interest rates dropped below 6.0%. There are still many out-of-state buyers moving into the area, so demand remains high. The number of new listings, so far, hasn’t increased significantly.

If you would like more information about our local market please give us a call!