We are six weeks into this COVID-19 economic shutdown. And while overall sales activity is down, Southern Oregon’s Real Estate Market is nothing but resilient. Last week’s stats are following our six-week tracking with some categories up and some down from the previous week. But make no mistake, these numbers are down across the board from pre-COVID-19 shutdown.
I get questions like, “OK, things are down but by how much?” Check below the SOMLS lockbox opening comparing March 2019 vs March 2020. Looks like we are about 25% down. This is comparable to a Winter market. Fewer showings but serious buyers.
Can you believe what Mortgage Interest Rates look like today? Guy Giles of Mutual of Omaha Mortgage joins me and Alice on this Saturday’s Southern Oregon Real Estate Show. 10 am KCMX AM 880. Watch on our YouTube Channel – Real Estate Show Oregon
Check the latest mortgage rate ranges for last week. As long as rates remain this low, we expect sales to continue quite robust despite the overall economic shutdown. Demand remains high for S Oregon properties. An agent told me this week she had 18 showings in five days for a $600,000, 11-acre rural property near GP.
Finally this week, after last week’s Real Estate Show with Chamber Executive Brad Hicks, I wondered how our economic recovery might go when restrictions are finally lifted. Well, it looks like economists see a much quicker recovery than the Great Depression in 1929 and the Great Recession of 2008. Let’s hope they are correct.
We love talking real estate with you. Call or text us anytime. Advice on your real estate needs, we enjoy that even more.
Pete Belcastro, 541 621 7036
Alice Lema 541 301 7980.
Have a great week ahead!