Lane County’s housing market told the same story in June that it has told for several years now: record sale prices, brisk sale paces and bare-bones inventory.
The sellers market continued in earnest last month, with new listings and pending sales each hitting more than 10-year highs for the month of June, according to a monthly report by Portland-based Regional Multiple Listing Service.
The county saw 733 new for-sale listings in June and 561 pending sales. The last June that saw more listings was in 2007, when 902 houses were listed for sale, RMLS said. The 561 pending sales were the most since 2004, when 588 sales were pending in June of that year. The figures don’t include sales and listings in the Florence area, which are tallied separately.
The median sale price of Lane County houses sold in June was an all-time record $297,000, up from $276,000 in May and significantly higher than the $268,300 median in June 2017.
Lane County’s $274,900 median sale price in the first quarter of the year ranked it 29th among the nation’s 178 largest metropolitan statistical areas for housing prices, according to data from the National Association of Realtors. In 2015, Lane County ranked 47th nationwide with a $222,200 median sale price.
While listings and pending sales rose in June compared with the year before, closed sales actually dipped a bit. The 479 finalized sales in June were down from 510 in June 2017, according to RMLS.
The average house on the market in June sold in 38 days, down from 40 days last year.
Countywide housing inventory rose slightly in June to 1.7 months, from 1.6 months in May. But that is still considered critically low: Inventory tracks the amount of time it would take for all of the houses on the market to sell at the current sales pace, and most Realtors consider six months to be a healthy supply, with anything lower tilting the market in favor of sellers.
Lane County’s housing inventory has been below three months since February 2016, according to RMLS.