Market Talk! S.Oregon Real Estate for June 11.

This week’s dominating story in Southern Oregon Real Estate is summed up in three words – Lack of Inventory.  What’s caused it? Why is it happening?  How is it affecting the housing market? We try to answer those questions in this week’s newsletter.  If you look at last week’s SOMLS stats pending sales for all three counties are nearly at record highs.  Closed sales are lower than usual due to COVID-19 isolation from earlier this year.
Alice Lema and I cannot help ourselves this week.  We have so much information to share about the housing market that we did the Real Estate Show ourselves.  Join in our discussion about what buyers and sellers need to know in this market to be successful.  We are on radio KCMX AM 880, Saturday at 10 am, Sunday 6 pm.  Guarantee you’ll know a lot more about our market than before.
We talked about inventory earlier and this next slide should convince you of the state of our situation.  The market snapshot for May 2020 basically shows a “sold out” inventory between $150,000 to $350,000. Check it out.
And if you desire more convincing, take a look at what the market is telling us when we compared May 2019 to May 2020.  New listings are down 40%
The main driver to the demand portion of our market is mortgage interest rates. They are hovering near 3%.  So buyers are in a great situation to get more house then they could have with higher rates.
In addition, many homeowners are refinancing to take advantage of these rates. Check with your lender if you think its something that would help your financing situation.
Finally this week, the number of MLS lockboxes opened by local real estate brokers last week shows a one-third decrease in activity from a year ago.  But, those buyers that are looking are quite serious, thus we are seeking high pending sales even with fewer broker showings.
We love talking real estate with you.  The more knowledge of the market you have the better-prepred buyer or seller you become.
Give me a call or text anytime:
Pete Belcastro 541 621 7036.
or email me  petebelcastro@johnlscott.com
Have a great week!