Market Talk! S.Oregon Real Estate for December 4.
Southern Oregon’s Real Estate Market slipped back a bit last week with pending and closed sales down across all three counties. What happened? First, we have a pandemic lockdown in our region again plus it was the Thanksgiving Holiday. What stands out the most is there are less than 600 total residential listings combined in Jackson, Josephine and Klamath counties. Demand remains high.
You don’t want to miss this next episode of Southern Oregon’s Real Estate Show, Saturday 10 am Sunday, 64 pm on KCMX AM 880. Sheriff Nate Sickler joins us along with Mutual of Omaha’s Guy Giles, to discuss recent developments in 2020 that have changed the way business is conducted. Sickler talks about wildfire responses, pandemic changes to policing, and now decriminalization of drugs in Oregon and how all this could affect real estate and value as crime rates could rise. It’s an interesting discussion about the future of law enforcement. Guy Giles updates us on the latest mortgage rate information and we actually talk about rates dropping below 2%.
Our market is as active as ever even with winter now here and colder temperatures prevail. Yet, sales of existing family homes saw an increase of 26.6% in 2020 over 2019 levels. Even with the COVID pandemic affecting so many businesses and people’s lives, real estate sales are becoming the lifeline of the economy. Check out the progression of home sales below.
Interest rates fell a bit last week to the 2.25% range for FHA, VA and USDA loans. It is possible they fall even further? In this market, nothing seems impossible. In our market snapshot for November, we see below that inventory is mostly in the sold-out range up to $500,000. Luxury home sales have slowed also with a more normal six month supply of luxury homes. That is not the case for homes in the $150,000 to $500,000 price ranges.
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Pete Belcastro, 541 621 7036 or email@example.com
Have a great week ahead!