Market Talk! S Oregon Real Estate for Sept. 7

Now that school as started up, you might expect our Real Estate Market would hit the brakes, but that’s not true.  We have entered the Fall Selling Season, but as you check out last week’s market stats for all three counties.  Activity remains quite active with 85 closed sales in Jackson County, while sellers in Klamath County received 99.44% of their list price – the highest I’ve ever seen.
You’ll want to watch this week’s Real Estate Show where painter Christopher Deame stops by to talk issues with painting a home or business.  Chris joins Alice Lema and me for a round table discussion on everything from lead paints, recycled paints, new types of products and how and when to apply them.  Chris is definitely a professional guy who knows painting.  He’s been doing it for more than 30 years.
Alice Lema, Chris Deame and Pete Belcastro at KCMX Studio.
We face a shortage of housing in the USA and many will argue we have a housing shortage in S Oregon as well.  What happened? The chart below shows housing starts from 1994 through 2018. Note the huge drop after the Great Recession.  We are just now getting back to pre-recession levels.
Next week we’ll have the latest SOMLS stats to share with you. We know that August sales overall we up over a year ago.   Part of the reason sales are up is that mortgage interest rates are not.  A year ago rates were around 4.6%.  Much lower today, and its driving market activity.  But remember, most of this activity is taking place in the $500,000 and below price ranges.
The final chart today shows Real Estates Phases to the Housing Cycles.  Note, we’ve just begun the 5th housing cycle for the year.
The housing cycle curve doesn’t change much year over year does it?  It’s a pretty predictable market when you see it laid out this way.
We love hearing from you with questions or comments.  We also talk Real Estate with you for any advice we can give.
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!