Market Talk! S.Oregon Real Estate for November 6.
Looks like our beautiful Fall weather is about to change and it will be a most welcome sight to behold. It’s been months since we’ve seen significant rain and the ground certainly needs it. Take a look at the latest Talent Irrigation District water map below. Emigrant, Hyatt, Howard Prairie and Fish lakes are all at the lowest levels since they were built.
I have never seen our region with so little water heading into winter. Let’s hope we get a good beginning, leading to a good water year ahead.
Southern Oregon’s Real Estate Market continued its amazing Fall performance with another steady week of sales. Jackson County recorded 107 closed sales with a median price of $417,000. Four luxury homes were sold last week in the region. Inventory levels rose, but just barely in all three Southern counties. Yet, overall available inventory is down 65% from one year ago.
Values are rising as you can expect in a high demand, low inventory market. The latest SOMLS stats show Jackson County with an 11.5% price increase for the August-October time period. Rural properties grew by 18.3%. Josephine County prices were up by 14.5% and 19.7% respectively. Much of this is being driven by mortgage interest rates that are below 3% for a 30-year fixed rate. Guy Giles of Mutual of Omaha Mortgage, joins us for the week’s Southern Oregon Real Estate Show. KCMX AM 880 Saturday 10 am Sunday, 6 pm. Guy joins us to talk about these rates, who is getting them and how they are affecting the market. We also talk about refinancing current homes. Guy just helped me refinance by property with an amazing 30-year rate of 2.875%
As long as these rates stay where they are, the demand for housing is going to continue at the pace we are currently seeing. Our biggest issue is low inventory and with winter coming on, we may not see levels rise to where prices stabilize a bit. Read on below and you can see how busy our market actually is and how quickly homes are being bought and sold.
Finally, its not been a typical year in so many ways including real estate. Nobody can explain it but the chart below shows how extraordinary 2020 has been in real estate sales. Look at the swings and nobody knows where we’re heading next.
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Have a great week ahead!