Market Talk! S.Oregon Real Estate for Nov. 8

Southern Oregon’s Real Estate Market has entered the Fall Selling Cycle, a bit late, but nonetheless we’re here  What does that mean? The chart below sums things up well.  Last week we had 350 pending and closed sales across the three Southern counties.  That is a large number indeed. The problem is that the 350 sales were replaced with only 50 new listings.  Inventory is dropping as predicted.

Market Talk!  That’s what we do on this week’s Real Estate Show on KCMX AM 880 Saturday 10 am and on YouTube video as well.  Alice and Pete share the latest statistical information and what that means for buyers and sellers as we head toward the Winter Cycle soon. 

L-A  Alice Lema and Pete Belcastro at KCMX Studio.
Our market snapshot for the month of October which just ended shows once again two vastly different markets in which a $500,000 price tag is the dividing line.  Note from the chart below the difference in month’s supply of inventory as price points go up.  The luxury market overall has a near two-year supply of inventory, while a $250,000 price shows only 1.5 months supply. Half our market is a buyers market and half is a seller’s market depending on asking price.Have you ever stayed at a Short Term Vacation Rental?  If you have not, you’re unlike thousands fo travelers.  While we have short term rentals available in So. Oregon, we are nowhere near the top short term rental markets.  The information below shows the top Short Term Rental Destinations across the USA.  Florida destinations are the top spots.  But look at Number 3, yep, its the  Bend area with 88,000 short term rentals.    By comparison, Jackson County had less then 28,000 short term rentals in 2018.  Check the full list.

Finally, this week, let’s talk about mortgage interest rates.  We had a client be pre-approved for a home loan this past week with a 3.205% interest rate.  That is the best I have seen all year.  The US Mortgage rates today when compared historically, are at the lowest mortgage rates in history.  These rates continue to drive our real estate market.

We hope you have a great week ahead.  Please contact us anytime for real estate information and guidance.  We lost talking real estate with you.
Pete Belcastro    petebelcastro@johnlscott.com
Call or Text         541 621 7036
Alice Lema          alicelema@alicelema.com
Call or text          541 301 7980.
Have a great Week!