Market Talk! S.Oregon Real Estate for July 17.
It’s hard to keep up with all the activity spread across Southern Oregon’s Real Estate Market this past week. Pending sales and closed sales continue to outpace new listings creating high demand across many price ranges. Take a look at last week’s activity and it remains consistent overall but with buyers paying more as Median Price last week rose again.
Have you noticed all the hemp fields being planted across the Rogue Valley? Not as much acreage as a year ago but still significant. Speaking of soil and water, Kora Mousseaux, of the Jackson County Soil and Water Conservation District, joins us on this week’s Real Estate Show to share how property owners can take advantage of the district’s various programs for both urban and rural landowners. Saturday, 10 am, Sunday, 6 pm on KCMX AM 880. July 18.
Hemp is back! This field near Medford was recently planted. We’re in the Summer Selling Season now and note below the June 2019/20 comparison. Even with COVID-19, pending sales are up 44% over a year ago. New listings are down 13% and that tells the story of our current market.
Sellers are also receiving 98% of their final list price. In a normal market, it’s about 96%. It’s a good time for sellers right now. Housing prices rose 5.2% overall from a year ago. Exceptions are in Ashland, Jacksonville, and Shady Cove where prices have actually fallen from a year ago. Nationally, economists are mixed on their predictions on where housing prices will go from here. Check the projections out below.
Much of the country is experience declines in home prices, but not here. Our biggest issue is that prices do not rise so fast as to shut out local people from the ability to purchase a home.
During the past week, I was fortunate to show some amazing properties in Jackson and Josephine counties. The photo above was taken along the Rogue River. Do you know where it was taken by any chance? If you do, let me know. It’s one of the most lovely spots along the river and my clients thought so too. They put in an offer on it. But its mortgage interest rates that continue to fuel our housing market. Can you believe that rates have fallen this past week? In fact a 30-year conventional rate has dipped to 2.75%, a full quarter-point drop from a week ago.
Give me a call or text anytime for a real estate chat. Each individual situation is different. Getting started is the only way anything can move forward. So call or next and we can get it all set in motion, either buying, selling.
Pete Belcastro 541 621 7036; petebelcastro@johnlscott.com