Southern Oregon’s Real Estate Market seems to be changing almost daily, certainly every week. This past week pending sales went up, while closed sales went down from the prior seven days. Check the latest stats below. One standout item is Jackson County’s median price on 53 sales hit $468,200. That is the highest weekly price we’ve seen since keeping track many years ago. It’s well above the national average.
On this weekend’s Real Estate Show, Alice Lema and I hear about some of the commercial real estate being developed, mostly within the city of Medford. Kimberly London, Carol Wedmen and Sam Barnum join us from the Medford Building Department to share how much building and permit activity is actually taking place. It’s now back to pre-COVID levels for both residential and commercial building permits. Show airs Saturday 10 am KCMX AM 880 and again Sunday at 6 pm, please tell your friends. On the economic front, active forbearance of mortgages has dropped since the pandemic high. Today, it’s less than 4 million FHA backed mortgages in forbearance.
So much of our market is driving by record low interest rates. Below is the Guild Mortgage weekly rate structure. Look at how low they have dropped. These rates are driving the market so much we have record low inventories as a result. In fact last week Jackson County had only 488 residential listings; Josephine County 164 and Klamath County 206. No matter from which direction you see it Mt Shasta is always a spellbinding, mystical place. Mountains, lakes, water, forests and animals are certainly big draws for outsiders seeking refuge in our communities. Can you blame them really. Its why we are all here.Labor Day Weekend is nearly here and it will be like none we have ever experienced. Be safe. Oregon’s numbers are going down and soon we’ll be back among our friends in greater numbers. Of course, real estate is going on strong and if you have any questions, we’d love to help answering them for both buyers and sellers.
Call or text anytime Pete Belcatro 541 621 7036.
Have a great week ahead!