Southern Oregon’s Real Estate Market held steady this past week with closed sales up slightly from a week ago. The biggest issue facing the market is lack of inventory, which as you can see below in last week’s stats, show less than 300 residential listings in Jackson County. I have never seen it that low before.
The inventory shortage is spread across all price categories too. In Jackson County, we are basically sold out of inventory with less then a month’s supply available. That is the reason we’re seeing many multiple offers on properties.
Not only do we have a severe shortage of inventory in all three Southern counties, but low mortgage interest rates are contributing to high demand for housing. This week’s mortgage rates were basically unchanged from the previous week, with rates hovering around 2.75% for a 30 year fixed rate. Amazing. No wonder buyers are seeking new housing.
On this week’s Southern Oregon’s Real Estate Show, Jackson County Assessor Dave Arrasmith joins us to talk about property taxes and how they have been affected by recent wildlife destruction of thousands of homes. Join us Saturday, 10 am KCMX AM 880 or Sunday 6 pm same station. If you have lost your home or know someone who has you must report the loss to the county assessor or you’ll continue to be taxed each month. You’ll still need to pay for three months property tax but then it ends, but you must contact the assessors office.
And you must opt into the cleanup program that will commence soon on the thousands of cubic yards of debris left over from these fires. Again, you must opt into the program where the federal and state governments pay 100% of the clean up costs of destroyed properties. This and much more on Southern Oregon’s Real Estate Show with Pete and Alice Lema.
Finally this week, we want to leave you with the following chart showing current market conditions. Prices, nationally, have climed 14% while the number of listings available for sale dropped 28% compared to one year ago.’
As you can see, this is a supply and demand market. The next few weeks will determine if this continues into the winter selling season. Right now, nobody knows for sure.
I love talking real estate with you. Call or text anytime.
Pete Belcastro 541 621 7036.
Have a great week.