Market Talk! S.Oregon Real Estate for August 15
We’ve reached the mid-point of Summer. Despite weeks of hot weather, Southern Oregon’s Real Estate Market hasn’t cooled down much with higher-priced properties commanding a larger share of the market in the last few months. With interest rates at 3% or lower, buyers are able to purchase higher-priced homes. Last week’s stats bear this out, with a jump in both pending and closed sales and higher median prices.
We’ve told you how owning real estate is a way to create wealth for you and your family. Most of us have equity in our homes which is growing each year. Just look at what the average homeowner realized in gain during first quarter housing sales in 2020.$75,000 profit on average is not bad at all. I am sure you’ve noticed the hemp crop has been planted for the year. On this Saturday’s Real Estate Show on KCMX AM 880 at 10 am, Sunday, 6 pm , Meghan Montgomery of the Jackson Soil and Water Conservation Division joins Alice Lema and me, for a discussion centering on water and land and how we manage those two resources. How we protect our land and water is a high priority for most people living here. We talk about water and water rights, land, and its uses from agriculture to woodlands and what programs the JSWCD offers to property owners.
We know mortgage interest rates are the lowest in our lifetimes. That’s one part of the market. The other is inventory and this is the biggest issue we face in today’s market. There are less than 500 residential listings in Jackson County, less than 200 in both Josephine and Klamath counties. The months’ supply of inventory shown below indicates how severe a shortage of housing we have.
We cannot end this week without checking mortgage interest rates. Sure makes buyers more confident with rates this low. As a result, properties priced above $350,000 make up over half of local sales for the first time. Last month, John L Scott agents sold 9 luxury homes which were a record.
We live in such a beautiful place. Traveling the three southern counties while showing properties to clients is a fun aspect of this work. Sometimes the scenery just begs for a photo to share with you like the one below. If you know where it was taken, let me know. Just part of Southern Oregon’s natural beauty.
That’s it for this week’s update. I can honestly say there are great opportunities out there for buyers with low rates and for sellers due to low inventory. It’s almost a perfect storm for real estate activity and we are certainly seeing it. I love talking real estate with you so call or text anytime and Let’s Go! 541 621 7036. Have a great week!