Market Talk! S Oregon Real Estate for February 21.
This week’s top Real Estate story has to do with inventory levels. Nationally, available homes for sale are at a 20-year low. In Jackson County, there are only 619 homes available on the MLS and that is down 26% from a year ago. So, as you look at last week’s stats, see how new listings are not keeping up with pending sales and sold homes.
Note in Klamath County, sellers received 101% of their list price.
John L Scott Southern Oregon kicked off the 2020 Real Estate season this week with a breakfast attended by 120 agents. Below Alice and I share a photo with the awards each of us earned. Yes, Alice’s plaque is bigger than mine, yes, she sells more Real Estate.
On this week’s Real Estate Show, Saturday, 10 am, KCMX AM 880 and YouTube. We explain what’s happening within the current market and what it means for buyers and sellers as we get ready for the busy spring selling season. Knowledge of market conditions is really important in the buying process. Interest Rates this week continue to fuel home buying. These rates come from our friends at Guild.
Be sure to check with your lender about specific rates. We really have two distinct markets here. A shortage of inventory in the lower price bands up to $500,000 and a totally different market in the higher end properties. A normal market has six months of available inventory. Check out last month’s Market Snapshot. Note in the million-dollar luxury market, no activity last month at all and with over 100 listings, buyers have lots of negotiating power.
Finally this week, we noted that Klamath County, our friends to the East, have a 50-50 percent split in owner-occupied homes and rental properties. That is unusually high. The chart below shows the latest USA Homeownership Rate.
Have a great week. Please call or text us with real estate questions or information. We love talking real estate with you.
Pete Belcastro 541 6211 7026 call or text.
Alice Lema 541 301 7980 call or text.
Photo below shows JLS agent at this week’s kickoff celebration to start the 2020 Real Estate Year. 