Market Talk! S Oregon Real Estate May 24
The SOMLS stats for April are out and overall they show the continuation of a normalizing housing market. For example, active market listings were up 17% from a year ago, while overall sales declined slightly by about 3%. Last week’s stats in Jackson and Josephine counties indicate what we mean. Take a look at them below.
What stands out to me is median price totals and that sellers received nearly 98% of their final list price. But there is more information. Upon a closer look at the Market Snapshot Report below shows the luxury market months supply of inventory has grown to two years worth. A home on the market for $750,000 and above is really facing a lot of competition for very few buyers. This is a Buyers Market for sure.while that’s good news for luxury market sellers, in lower price bands up to $500,000 is where most of the action is taking place.
What a nice partnership has been created between the Rogue Valley Association of Realtors (RVAR) and Medford School District’s Pathway Program. On last week’s Real Estate Show, Laura Horton (RVAR) and Hal Jones, Pathway Coordinator share how this program will open the real estate doors to high school students. It’s a fascinating program and Laura tells about RVAR’s part while Hal talks about the success of the Pathway program for students and those groups who participate.
Hal Jones and Laura Horton at KCMX Studio.
This week’s show centers on Manufactured Homes. Ken Outlaw and Christine Cassel of Clayton Homes updates on this market that will surprise you on the depth and breadth of manufactured home industry. Saturday, May 25, 10 am KCMX AM 880.
We have told you before that we are in the best time of the year to list a home even though inventory is rising. If you believe stats, then the cart below shows the best days of the year to list based upon quite an analysis.
The best days to list, May 31, June, 20, 21, 28. We’ve passed May 24. And finally this week saw another reduction in mortgage interest rates. As long as rates remain in this range or even a bit lower, then we expect demand to continue for local housing. Rates have edged downward since the beginning of the year.
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HAVE A GREAT MEMORIAL DAY WEEKEND