Market Watch! S.Oregon Real Estate for October 30
Southern Oregon’s Real Estate Market can be described in one word this week, consistent. It’s really amazing how consistent the weekly statistics become. There is never a big swing in any particular category of sales as you can see in last week’s stats.
Are prices dropping a bit? Last week Josephine County Median Price was higher than Jackson County’s median. That usually never happens. Klamath County prices were strong also with median price hitting $281,000.
Appraisals are always a point of interest when buying and selling. On this week’s edition of Southern Oregon’s Real Estate Show, Danee Fry, a long-time local appraiser joins us to talk about appraising in a market with pandemic driving sales, historically low- interest rates and mega wildfires that has destroyed thousands of homes. Hear what appraisers are up against as they do their job in finding the real market value of homes.
The show airs Saturday 10 am, Sunday 6 pm KCMX AM 880. Next week we’ll hear the latest news about mortgage interest rates and refinancing with Guy Giles of Mutual of Omaha Mortgage. Do you expect home prices to rise or fall in 2021? Even though prices have slowed in our market just a bit, overall, the experts say otherwise. The reason, demand is not going down.
In our region inventory levels are not rising. In fact, available housing in Southern Oregon counties are down about 60% from a year ago. Yet sales are up by about 21% from 2019 even with a national pandemic. People are changing their housing despite low inventory and rising prices.
Interest rates have not moved upwards or downwards in the last few weeks. They remain below 3% for a 30-year fixed mortgage. This is a great time for buyers to act before they move upwards. Refinancing is also taking place at record numbers across the country. Take advantage of this unique situation. Finally, this week. Now is a great time to view Fall colors in Southern Oregon. There are some amazing places to view the changing season including this one photo below at the Aspen Groves along Upper Klamath Lake’s west side. It’s not uncommon to see sites like this, they go on for miles, its a great drive to take in. Perhaps the best of all the region.
Love talking real estate with you anytime via phone or text or in person. Contact me anytime 541 621 7036.
Have a great week ahead and please be safe.