Market Watch! S.Oregon Real Estate for November 20.

In a normal real estate year, which 2020 is not, this is the time of year we begin to see softer sales and fewer listings heading into the Winter Selling Season.  But this year may see a big change in both sales and listings as the market continues to perform above previous years.
Take a look at last week’s real estate stats for Jackson, Josephine and Klamath counties. Will these numbers drop as usual as winter arrives? Don’t count on it, as this has been such an abnormal year.

There is still less than 500 total residential frame=built homes on the market in all three counties.  Listings remain down by 65% from 2019 levels.
All this and much more interesting talk lies ahead on this weekend’s latest edition of Southern Oregon’s Real Estate Show.  KCMX AM 880 Saturday November 21, 10 am and November 22 at 6pm.   It’s a John L Scott Market Watch show where Pete and Alice share their real time, real life real estate experiences with everyone.  We break down the latest SOMLS stats and what this means for buyers and sellers as winter approaches.

Please tell your friends about our show.  Can you believe mortgage interest rates continue to fall.  Check out the latet rates buyers with good credit are receiving.  Most importantly, look how FHA, USDA and VA loans are being parceled out with rates for a 30 year fixed mortgage at 2.25%.  That is amazing buying power in this market.

You may have noticed that last week’s Jackson County’s median price topped $458,000.  Make no mistake the West Coast has the highest housing prices in the country and as buyers we pay the highest perdcentage of our income toward housing. Don’t expect that to change in the coming year.

Wouldn’t it be nice to be paying an average of 12% toward housing like in the Midwest? Better weather, higher prices our West.  Some good economic news this week as the Down Jones hit an all time time on news of a promising vaccine to fight COVID.  Our economy remains basically strong despite shut downs and lock downs.  This should continue to hold interest rates in check.

Finally, this week saw a change in the weather.  I took this phone up on Clover Creek and Indian Memorial Road as we received the first meansureable parcipitation of the year — some actiual snow.  We need a lot more but a big mid=November storm helps a lot.  We need a lot more of it to come.  Two weeks ago we reported Emigrant Lake at 4% capacity, the lowest since it was built.

After such a long hot summer, don’t you just love seeing the snow and rain? Let’s continue to hope this is only the beginning of big water year in 2021.
Love talking real estate with you and love hearing from you as well.
Call or text anytime to Pete Belcastro,  541 621 7036
or write to petebelcastro@johnlscott.com.
Have a great week ahead despite the lockdown we are facing.  Please respect real estate brokers COVID responses and use common sense when visiting another property.