The 4th Quarter of 2015 wrapped up the strongest year we have seen in the Eugene market since the mid 2000’s and the strongest ever for closings in MLS history. Year over year 4th Qtr to 4th Qtr we saw strong improvements and continued growth. Pending home sales increased 31.5%, the amount of sold properties increased 16% and the inventory level of homes for sale decreased by 30%. The overall activity was higher with less inventory to choose from which kept the market very strong in the 4th Qtr. Days on market were down 20% year over year and the months of inventory during the 4th Qtr averaged 2.4 months, which is down 48% from a year ago.
The graph shows activity for the Eugene real estate market over the past 15 months. The market has continued to improve year over year since 2012 and the 4th Qtr of 2015 was an example of that. 2015 was an excellent year for the Eugene market and it sent us into 2016 with great momentum. Well priced homes continue to sell in a matter of days and the competition in the market has kept prices strong and growing. Interest rates still remain at historic lows and the overall market is continuing to see consistent appreciation.
Inventory* is a low 2.4 months, down from 4.4 months in December 2013 and 4.1 months in 2014. These low inventory levels have contributed to a 3.4% rise in average sale price over this time last year. Low inventory levels have contributed to increased pressure on listings because of supply and demand, with well priced listings selling quickly sometimes with multiple offers.