Market Talk! S Oregon Real Estate, February 14, 2019
Happy Valentine’s Day Everyone. With the crazy weather around us, please drive with caution. The snow is wonderful! Southern Oregon’s Real Estate Market had an active past week. Closed sales were down as you can tell from the chart below.
Early each month we receive the latest SOMLS stats which give us a comparison to the market from one year ago. The Latest stats are from January 2018 vs 2019. Does anything stand out about them?
We’ve been talking about Market Normalization for months and these stats continue to show that. Note the months supply of inventory in January. It reached 3.4 months up 60% from a year ago. That means we’re continuing toward a normalizing market of a six months supply. So be prepared for more inventory coming on line in the months ahead.
If you missed last week’s Real Estate Show, you missed an amazing discussion with John L Scott Managing Principal Broker Jim Remley and Shanon Pewtress.
Hear what lies ahead in our real estate market from those closest to it.
On the February 16 program on KCMX AM 880 at 10 am. Hear what Rogue Valley Habitat is doing to earn support from the Rogue Valley Association of Realtors?
Guests include Denise James from Habitat, Tina Grimes, RVAR Executive Director and Cheryl Faria, col-chair of the RVAR Food and Wine Classic.
Do you use Zillow Zestimates to establish value on a piece of property? You shouldn’t. Look at the margin of error by these Zestimates in various Oregon Counties including our own. A 4 to 5% difference can be significant in a sale. Note the Median Error differences below.
Buyer and Seller beware when it comes to using these types of figures from Zillow. Use your real estate agent to get you a more accurate sale figure than this computer system called Zillow.
Finally, interest rates fell a bit again this week. The rates below vary from lender to lender and your specific situation.
If you get a chance this weekend, its the annual Builders Association of So Oregon Home Show at the Jackson County Expo Park. Friday thru Sunday. John L Scott agents will be staffing a booth there during the event.
Have a great week. Please contact me anytime for information on real estate. Advice is always free.
call or text 541 621 7036
email petebelcastro@johnlscott.com