Eugene or real estate
Located in Lake County, Eugene has an area of about 150,000 and covers about 40 square miles. It is the third largest city in Oregon. With an average altitude of over 400 feet above sea level the town has been beautifully developed around the McKenzie River and the Willamette River. All civic amenities are provided. The 300 acre city park provides refreshing green space for the residents.
Eugene is well connected to surrounding areas by Interstate 5, Oregon Route 99, Oregon Route 126, Beltline Road, and Delta Highway. Real estate in the city is still attractive for commercial and residential customers, but buyers are hesitant to step in as they expect prices to come down further. The national decline in real estate values is reflected in Eugene also.
Eugene Real Estate Trends
The general real estate trend in Eugene is rather bleak at the moment. Approximate figures are 1075 units listed at an average of $285,000 registering an increase of nearly 1%. There were about 1075 real estate advertisements at an average of nearly $320,000. The number of foreclosures stood over 150 at an average rate of $120,000.
Mortgage rates in Eugene have moved up fractionally over the week. Current mortgage rates are as follows: 1) 5.833% for 15 year fixed category, up 0.245% 2) 6.177% for 30 year fixed category, up 0.178% 3) 5.280% for 1 year adjustable rate mortgage, up 0.629% 4) 5.273% for 3/1 year adjustable rate mortgage, up 0.533% and 5) 5.446% for 5/1 year adjustable rate mortgage, up 0.407%. It is difficult to draw any direct bearing these minor variations in mortgage rates have on real estate trends in Eugene.
Listing prices in Eugene do not indicate any immediate major changes in real estate values. Barring one bed homes, listing prices are generally steady at an average rate of about $ 200,000 to $450,000.
Average rates and weekly variations for different units are approximately $ 195,000 for one bedroom up over 7%, $220,000 for two bedrooms down 5%, $330,000 for three bedrooms unchanged, and $440,000 for four bedrooms down 0.1%. The average for all categories is about $365,000 down 0.6%.
Statistics for sales prices and units sold are much lower than the previous year. The number of units sold has dropped from 740 this time last year and is now standing at 400. Average sales prices and change over the year were approximately $210,000 for 2 bed down over 20%, $260,000 for 3 beds down nearly 5%, $335,000 for 4 bed down about 4%. The average for all units was about $265,000, down nearly 10%.
The average rate per square foot and weekly variations are $237 for 1 bed up 0.4%, $178 for 2 bed down over 20%, $164 for 3 bed down 1%, and $163 for 4 bed down nearly 20%. Average square foot rate for all types is $163 down nearly 8 %.
Conclusion
The time appears to be right to start looking for the best investment opportunities.
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