Market Trends for October 2009

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.

Many of our commercial real estate clients are adding a couple single family homes to their portfolios. Now might be a great time to pick up one or two single family properties that have gone to foreclosure and are now bank owned. Single family properties are easier to liquidate in a hurry if you need cash and they are typically easier to refinance if you wanted to access the equity in the property to take advantage of another opportunity. There are currently a 123 real estate owned properties in Lane County. Call us today at (541) 485-8100 if you would like a complete list.

Foreclosure Market Trends – Oregon – Oct. 2009

This is a residential market trends report for Lane County, Oregon provided by RMLS. Notice on page 2 the 12 month change in value for each neighborhood in this marketing area. Under the heading “Appreciation” you can note the most recent 12 month trend in values for properties in each neighborhood. While this a bit unsophisticated, it does provide a meaningful direction and amount of change for residential properties in that neighborhood. Use it at your own risk.

Residential Market Trends for Lane County – Sept. 2009