Markets adjust from the top down, and Lane County continued to adjust to an always dynamic real estate market.
The Lane County luxury home market of $750k and up continued to experience pricing pressure, and while sales have increased dramatically since early 2017, luxury homes in Lane County remain in a buyer's market.
The market was very different for home priced under $750,000. In October, more buyers opted for priced-reduced homes between $500k-$750k that were located in the Southwest Hills, East Eugene, and North Gilham.
Below is a chart showing October 2018 year-over-year sales of these homes in Southwest Eugene. 48% growth!
Southwest Eugene real estate months of inventory continued to remain stable:
The story is very different in Seattle and Portland. This year those markets experienced a very rapid increase in inventory relative to home sales. Here's a look at the Portland market as a whole - it looks very similar to the $750k and up market in Lane County:
Note that listed homes continue to grow at a faster pace than pended or sold homes. In October, the Portland Metro Area experienced a monthly sales decline of 11% and month over October 2017 decline of 3%, followed by a year-over-year inventory increase of 12%.
Lane County on the other hand has maintained a stable (and constrained) level of listed inventory, pended, and sold homes. The trends observed in Seattle and Portland could spread to Lane County, but some unique factors are in play with Lane County housing - including a very restricted and slow-moving urban growth boundary and a "sustainable growth" public policy mindset. These factors should continue to apply inventory pressure to the Lane County area.
Note that all statistics include Townhouses and Single Family Detached homes. Manufactured homes were not included due to their unusual impact to statistical averages. Credits to Windermere Principal Broker Elliott Wood for his Windermere monthly Lane County statistics presentation.