3 Market Conditions <br />Introduction <br />This section provides market data for single family housing (for sale and rental), multifamily <br />rental housing, and retail and office space within the River Road/Santa Clara area. It is intended <br />primarily to inform the development feasibility analysis for new housing and commercial <br />development in the Corridor Study Area. <br />Single Family Housing Market <br />Home sales data is based on over 3,600 transactions in the River Road/Santa Clara area since <br />2014. Of those, fewer than 500 transactions are for homes built since 2008. <br />River Road/Santa Clara area <br />home values are slightly <br />lower in general than Eugene <br />home values. <br />The median home sales price <br />for the River Road/Santa Clara <br />area in 2018 was $287,000 <br />compared to $310,000 in <br />Eugene. <br />Sales price of homes in the <br />River Road/Santa Clara area <br />built since 2008 averaged <br />roughly $200 per sq ft in 2018, <br />compared to roughly $210 per <br />sq ft on average in the rest of <br />the city (about 5% less). <br />City-wide, units on small lots <br />(under 3,000 square feet) <br />tended to have smaller homes <br />(averaging roughly 1,600 <br />square feet) and sold for close <br />to $250 per sq ft on average in <br />2017 and 2018. There were <br />few of these sales in River <br />Road/Santa Clara, but if the <br />same 5% reduction relative to <br />the city average held for these <br />homes, it would suggest pricing <br />of roughly $238 per sq ft. <br />ECONorthwest <br />HOME VALUE TRENDS, RIVER ROAD/SANTA CLARA AREA, EUGENE, <br />2014-2018 <br />Source: Property Radar <br />$400,000 <br />$350,000 - <br />$300,000 - . 1.41 /�� / • •��/ <br />$250,000 i %•� /1 /--�%/ <br />$200,000 <br />$150,000 <br />$100,000 — <br />$50,000 <br />$0 - <br />c T L c 6L c c c <br />c6 0 M M N M Co N c6 c6 <br />cn — 2 cn — 2i U) g cn g cn <br />River Road/Santa Clara area ----Eugene <br />26 <br />199 <br />