SPRINGFIELD BOARD OF REALTORS® MARKET UPDATE-HOT SELLING SEASON THIS SUMMER!

A Message from 2021 Springfield Board of Realtors® President Becki Trowbridge… 

Springfield, Oregon, July 9, 2021 – Summer is here and the home buying/selling season is HOT!!! The Real Estate Market has broken records over the last few years and continues to do so. We are currently in a time like no other in our history with crazy weather patterns, world-wide health concerns, economic uncertainty and a housing market that is insatiable! Our local market is still going strong with a seller’s market, needing more houses to sell to our many buyers needing homes. Our median home price in lane county is $320,000 which is 17% higher than May of 2020. May sales decreased slightly (compared to our previous yearly increase of April-May sales of nearly 14%), yet our year-over-year sales rose 53.4%. Inventory is down a whopping 7.1% from last month instead of the summer increase we have grown to expect each year. With Oregon opening from the COVID crisis, there is great optimism for increase in inventory as people begin to feel a bit more comfortable with putting their houses on the market to be viewed by buyers. Nationally, there is an expectation of an 11% increase in resale homes on the market according to National Association of Realtors. It still will not be enough to satisfy our buyer’s needs – but is a step in the right direction!