Market Talk! S.Oregon Real Estate for Sept. 25

It’s been more than two weeks since wildfire struck S.Oregon in both Jackson and Klamath counties. Homes destroyed, lives changed, neighbors helping friends, cleanup starting, rebuilding our communities, however, still a long way off.  The week of the fires saw real estate activity slow considerably.  This last week things rebounded to include these: 1) Jackson County’s median price of $466,400 is the highest we have seen. 2) Josephine County’s days on market were an incredible 14 days; and 3) Inventory is basically sold out in many price categories.
Even though most of our region was untouched by wildfires, the effect are being felt by many.  The biggest issue facing local officials is how to remove tens of thousands of cubic yards of debris. The photo below shows what remains of my home in Bear Lake Estates. The remains like these are everywhere and need to be removed and the land prepared before another home can replace it.
The enormity of this problem itself, could take years to resolve and to clean up this mix of toxic debris.  Join us for Southern Oregon’s Real Estate Show, Saturday, 10 am, Sunday 6 pm KCMX AM 880 radio and YouTube Video.  We talk with Brad Bennington, CEO of Southern Oregon Builders Association about how the recovery might take shape and what role builders and developers will play.  You get inside information and insight on the long struggle ahead for our affected communities.
You’ll want to hear what the building experts believe should happen
as we begin to recover.  Remember we lost more than 3,200 housing units at a time when listings are down 50% and rental vacancy rates are at 2%. You also may know of a homeowner or renter who needs some assistance.  Check out the Oregon Association of Realtors Wildfire Relief Fund.  I used it myself and received a grant of $715.  Maximum are $1000.
I don’t want to leave you this week without some market news.  There is buying and selling taking place in what seems a hectic pace.  In fact, nationally, despite the pandemic and social issues we’re facing, the Days on Market for selling homes was 22 days in July.
Fall has begun and we even had some rain fall this past week.  Seems like a bit normalcy has returned. Please stay safe and anytime you’d like real estate information or advice, please call or text anytime.  Our market is talking and changing all the time.
Pete Belcastro   541 621 7036.
Have a great week ahead!

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