Market Talk! S.Oregon Real Estate for April 24.
While so much economic activity has been reduced across Southern Oregon, our real estate market seems to be an exception. Highlights from last week’s activity show fewer listings taken across all three Southern counties, but pending sales and sold properties were actually up from the previous week’s totals. Check out the latest information below.
Our market remains quite active with sales occurring across all price spectrums, even the luxury market. One of our biggest concerns now is the economy and jobs. You can’t have real estate sales without jobs and a vibrant economy, which we had six weeks ago. So what is the current business situation in Jackson County? We invited Brad Hicks, executive of the Medford Jackson County Chamber of Commerce, to joins us on this Saturday’s Real Estate Show to talk about COVID-19’s effect on our economy and when businesses may be able to reopen. Great show, with lots of good information about our economic situation and what may lie ahead for the next few months.
Join us, KCMX AM 880 Saturday, April 25, at 10 am. Above Pete Belcastro, Brad Hicks, and Alice Lema all reporting from various locations, using Zoom as our vehicle to deliver the show to you.
Real Estate sales are being driven by low Mortgage Interest Rates which as you can see by the chart below, are hovering in the low 3% range. We continue to believe that Real Estate will be leading us out of this COVID-19 recession. Lending is strong, inventory is rising and demand remains quite strong in our region despite new protocols for showing properties. Check out the latest rate range below.
With so much attention focused on COVID-19 and its devastation on our economy, there are other issues that we need to address. One is water. Talent Irrigation District reports its reservoirs are at 44% of capacity at this time of the year. Meaning irrigation season has been delayed and will stop earlier than usual unless more water becomes available. Note the reservoir levels for Jackson County’s lifeline of water. It is not very promising as we face a summer of drought and a potentially bad fire season ahead.
Note that Fourmile and Howard Prairie lakes are only at 26% of capacity. We are praying for lots more rain this spring.
We are always available for any real estate questions you may have especially during this time, call or text us.
Pete Belcastro 541 621 7036
Alice Lema 541 301 7980.
Have a great week ahead!