Welcome to Memorial Day Weekend! It’s going to be like no other we’re ever going to experience, amidst COVID-19. It should also be a busy weekend for real estate activity. We have April housing stats available and overall real estate activity was down by about 40% overall. Check the April comparison below.
Compare real estate activity down at 40% to the Medford Airport which is down 90%, or hotel occupancy down 75% in Southern Oregon. Real Estate has been relatively unscathed so far. Check last week’s stats too, and note activity across all three counties continues to be pretty even between pending and closed sales activity. These stats tell quite a story of our market.
We know COVID-19’s effect on the residential market, but what’s happening to commercial real estate? We get answers from Scott King of Merits Commerical Real Estate who joins us on this weekend’s Southern Oregon’s Real Estate Show. One thing seems certain, commercial activity has been hit harder in some sectors than anybody else and its ramifications will be felt for years to come. Join us Saturday 10 am and Sunday 6 pm on KCMX AM 880 with Pete and Alice.
Lenders are telling me that their business activity remains strong with lots of buyers getting pre-approved to purchase and of course lots of refinances. When you see rates like that noted below, then you can see why our market if fueled by such low-interest rates.
Working at home has certainly become a more accepted way of conducting business since this pandemic began. What does this have to do with real estate? More stay at home work will lead to the demand for new properties to accommodate our new post-Covid lifestyle.
Finally this week, which generational USA group is now the top purchaser of real estate? It’s not the Baby Boomers or the Millenials. If you guessed Generation X you are correct. This group of 40-54-year-olds is now buying more real estate than any group. Makes sense, this group is at the top of their peak earning years. And they’re just getting started.
We love talking real estate with you anytime.
Call or text Pete or Alice.
Pete 541 621 7035
Alice 541 301 7980
Have a safe Memorial Day Weekend. Let’s keep our pattern of no new COVID cases intact while we reopen our business and our lives. Have a great week ahead!