Market Talk! S.Oregon Real Estate for November 27.
If you’re like me, you’re recovering from Thanksgiving Day activities like eating wonderful food and enjoying time with family and friends. It seemed like a quiet holiday with more intimate gatherings in the era of COVID. None of this has much effect on Southern Oregon’s Real Estate Market which continues to perform at levels usually not associated with cold winter months. Check out last week’s SOMLS sales stats and you’ll notice a consistent activity across the three counties. Total listings remain flat, putting pressure on pricing and choices for buyer.
Note that Josephine County’s median price last week was$510,000 on 33 closed sales. That is a record for us. What caused it may have been a closed sale of $2.800M on one parcel.
On this weekend’s Southern Oregon’s Real Estate Show, we’re turning our attention to the preservation of historic structures, both residential and commercial. George Kramer, a well-known local historical and consultant joins Pete Belcastro and Alice Lema for a discussion on incentives that exist to help people willing to take on these projects. The results are dramatic in many instances.
restoreoregon.org is a statewide website with the latest information on historic preservation in Oregon. Like the above Medford Elks Building which has new owners and the potential to come back as a Medford landmark building. Southern Oregon’s Real Estate Show is Saturday, 10 am and Sunday, 6 pm KCMX AM 880.
We’ve been telling you that the available inventory of homes is down in Southern Oregon by more than 60%. Look at the same national stats that show a drop off in listing inventory. Down 20% nationally is nothing compared to our market.
Interest rates continue their amazing journey downward this past week. According to our local lenders, USDA, FHA, and VA loans carry interest rates with good credit as low as 2.25% for a 30 year fixed mortgage. And despite COVID restrictions and lockdowns, the sale of US existing home sales are up 26% nationally from October 2019.
We love talking Real Estate with you anytime. Call or text me at
Pete Belcastro 541 621 7036.
email; petebelcastro@johnlscott.com
Here’s hoping you have a wonderful holiday weekend ahead.
