Market Talk! S.Oregon Real Estate for August 21.
Southern Oregon’s Real Estate Market continued its up and down sales activity last week. Pending sales were up but closed sales were down across all thee Southern counties. The market seems to be changing each. Last week’s MLS stats show that mortgage rates allow buyers to purchase more property thus median prices are now well above the national average in Jackson and Josephine counties.Join us on this week’s Real Estate Show where Alice Lema and I try to sort out what really going on. KCMX AM 880, Saturday, 10 am, Sunday 6 pm. Also YouTube video. Its a combination of super-low interest rates and even lower inventory levels that make this such a fascinating market. Hear on this week’s show. Economists predict strong double-digit economic growth in the USA in the third quarter. Demand doesn’t seem to be easing. For example, Alice and I had 32 showings last weekend at a listing on Houston Rd in Phoenix. The property is now pending. To compare how good buyers have it right now, look at how much more buying power we really have today.
We know the demand is there and we know interest rates are amazingly low. Now let’s talk about inventory — it’s down about 50% from a year ago overall. Residential listings in 2019 totaled 1,057 during July, but only 498 in 2020. Sellers are also receiving close to their final list price too. The graph below sums it up pretty well what’s happening in the market. I once had a variable rate home mortgage loan. I gambled it would remain low which it did even hitting 2.62% for one six month stretch. Amazing as it is, there are now some buyers getting 2.625% 30-year fixed rates on conventional and USDA loans. Don’t believe me take a look at last week’s rates from Guild Mortgage.
All summer long we have said its both a buyer’s and a seller’s market in the same sentence. Don’t think it’s going to change much despite weekly up and down activity.
Our photograph of the week comes from the beautiful clear, turquoise waters at Kimball State Park. Most amazingly beautiful, clear water anywhere in the world. Check it out near Fort Klamath.
We love talking real estate with you, especially during this COVID market. Call or text us anytime, we’re here to help you navigate the market.
Pete Belcastro 541 621 7036
Alice Lema 541 301 7980.
Have a great week!