Southern Oregon’s Real Estate Market seems to be changing, almost daily. So much change that right now, as Summer Sales get into full swing, buyers and sellers both have a unique opportunity to take advantage of this situation. Last week’s sales stats show a continuing dynamic market with steady activity across all price ranges.
Note that Jackson County’s median price last week was over $407,000, way over the national average. Join Alice Lema and me for this weekend’s Real Estate Show on KCMX AM 880, Saturday 10 am Sunday, 6 pm. Alice and I share the latest MLS stats from the COVID Real Estate Months of April, May, and June. We have lots of information about the market. Among the highlights we discuss strategies being used today by buyers and sellers to navigate low inventory issues, low-interest rates, and high demand in our market.
About three weeks ago we told you we noticed a change in what buyers were purchasing. In the last three weeks, we have seen buyers gobble up higher-priced properties. Of the 72 closed sales last week, 36 of them were priced above $350,000. Also, three properties closed last week above $1 million for the first time. The biggest issue remains low inventory. Check out the John L Scott Market Snapshot below. There is a half months supply of inventory in the lower price ranges and whereas a few months ago we had a three year supply of inventory in the luxury market, that has fallen dramatically as higher-priced homes have begun to sell.
We’re not kidding when we say inventory is down. A year ago in June, Jackson and Josephine recorded 1,300 listings on the SOMLS. In June of this year, the two counties had a total of 806 listings. Down about 45%. The chart below shows the fate of the USA housing supply in the last year. After COVID-19, note the overall drop.
On the positive side, pending sales are going up after the dramatic COVID-19 sales drop which began in mid-March. These figures are similar to the local market which in which pending sales are up over a year ago. Finally this week, mortgage interest rates have held steady at around 3% for a third consecutive week. Note the latest rates below. Lenders also say some 30-year rates are coming in below the 3% rate. This gives buyers are a tremendous opportunity to move up in the market to higher-priced homes. That is a trend we are seeing now in our market. It will remain until these rates go up and let’s hope they don’t.
Have a great week. If you have any questions about the market in general and your property in particular. Give me a call or a text and we can discuss. Pete Belcastro, 541 621 7036.