Market Talk! S.Oregon Real Estate for May 8.
It appears that Southern Oregon’s three counties are going to be re opening businesses under Oregon’s Phase Plan. That is going to allow more buyers into the market with more individual movement. One problem is that inventory is not keeping up with demand despite the COVID-19 shutdown. Check last week’s stats now from the new FlexMLS system. It now includes a bit more information on averages for square footage costs, days on market, lot sizes and more.
These statistics continue to show a remarkable amount of real estate being bought and sold despite the COVID shutdown. Oregon’s rental housing market has been hit by the economic shutdown and by SB608 laws.
Of the 60 sold properties in Jackson County last week, 50 of them were under $500,000 and 11 over that price. Twenty-one properties were sold costing between $250,000 and $350,000, the most popular price range in our market.
Danielle Remley, the owner of Sterling West Property Management, joins us on this Saturday’s Real Estate Show, 10 am KCMX AM 880. We update you on how renters and landlords are dealing with massive unemployment and rent forgiveness. This comes on top of new rent control laws that took effect last year. Despite all this, Remley reports that rental vacancies are low as people seem to be staying put and not moving out. Great show, lots of good information about the rental market and how it affects landlords and tenants.
Above: Danielle Remley, Pete Belcastro and Alice Lema on Zoom. It might be that mortgage interest rates are driving property sales across S. Oregon. Take a look at this week’s rate range and you’ll notice rates have remained this low now for three week s in a row. Many people are also refinancing with rates this low. With the economy in turmoil, I expect rates will remain this low through the election at least. This is a good time to take advantage of such low rates.
Finally this week, US Homeownership rates hit a high mark prior to the 2008 Great Recession. They fell for years to a low of 63% in 2015. But note below how homeownership is on the rise. Despite the COVID shutdown housing remains a great investment for most Americans. Housing or the stock market? Easy answer today. Maybe that’s why ownership is on the rise again.
We love talking real estate anytime with you. Call or text.
Pete Belcastro 541 621 7036.
Alice Lema 541 301 7980.
Have a great week!