Market Talk! S Oregon Real Estate for June 7.
We’re about to hit the Summer Selling Season in Real Estate and it appears our market is ready to continue its robust activity. Here is why? Inventories of available properties are up, while interest rates fell below 4%, and demand continues at a high level. The latest stats bear this out starting with mortgage interest rates. See below.
That’s right you’re seeing correctly, rates fell across the board last week with 30 year rates as low as 3.875%. These rates keep buyers motivated and sellers hopeful. Our Market Snapshot from May 2019 shows the two markets within a market. Look at the difference in Months supply of inventory for prices $500,000 and under compared to those above that price.
This is a Jackson County average and these figures differ from town to town and even neighborhood to neighborhood. Note last week’s Real Estate activity in S Oregon. A big week in Jackson County with 86 pending and closed sales and sellers earned 98.48% of their final list price.
The market is the topic of this week’s Real Estate Show. Join us Saturday, June 8, 10 am KCMX AM 880 and on YouTube. Alice Lema, Chelle Fowler join us for a breakdown of the latest SOMLS statistics. Also, Sunday, June 9, 1-4 pm is the June John L Scott Open House Extravaganza. Lots of home open for buyers to see including this on Joe Brett will be at 1012 Pumpkin Ridge, Eagle Point Golf Course Community.
Finally, this week, What are the top barriers to buying a home? The answers may surprise you but look at the chart below which shows the barriers across current generations.
I was surprised how consistent the answers were across the board with saving for down-payment and closing costs the top barrier to buying.
Have a great week. Please contact us for any Real Estate information or consultations.
Pete Belcastro 541-621-7036
petebelcastro@johnlscott.com