S. Oregon Real Estate Forum, July

ByPete

Welcome to the Forum This Week.  It awfully hot outside and it reflects as agents opened fewer doors last week then any week this summer.  None the less, real estate activity continues.

On this Week’s Real Estate Show, we’re looking at Southern Oregon Commercial Real Estate Activity with Frank Mania of Ticor Title. Pictured right.
Frank has joined us before and is a local expert on commercial real estate activity in Jackson and Josephine counties.  Commercial activity means jobs and today unemployment is less than 4% in our region.  This has has effect on real estate sales of all types.
Frank has all the latest stats and data and insights on who is moving business here, and what commercial activity we will see in the future.
Join us Saturday, 10 am KCMX AM 880 or always right here on our website or You Tube channel.

WEEKLY STATS Jackson County, July 10-17, 2018

NEW LISTINGS – 92   Range $100,000 on Mill Creek Drive in Prospect;   to 1534 Devonshire in East Medford at $1.8Million. Luxury home market, includes 7 new listings this week.  Wow.

PENDING SALES –  89  Range from $115,000 on Stevens Street in E Medford to $1,095 Million on Upper Applegate Road in Jacksonville.

CLOSED SALES –  83  Range from $134,000 on Draeger in Medford to the high $1,667 Million at  this property at 3317 Taylor Road in Central Point.   Original price $1,95M.

Remarkable how even the stats were, with closed sales, pending sales and new listings nearly equally distributed last week.

USDA PROPOSES TECHNOLOGY FEE
On July 13, 2018, the US Department of Agriculture (USDA) Rural Housing Service (RHS)  put out a notice for comment on a proposed guarantee underwriting user fee to be charged to lenders for use of the RHS automated guaranteed loan system. The fee would be used to improve USDA and RHS technology for the loan program. The USDA Secretary is permitted to assess and collect this fee under the Housing Opportunity Through Modernization Act of 2016, which NAR supported. USDA is estimating the user fee will be $25.00 with an expected implementation date of January 2, 2019.

Comments are due on September 11, 2018.

IS OUR MARKET CHANGING?   YES.
Listings of new homes in Jackson County are up 16% to 1,117 as of 30 June.  New listings are up 33% to 607 in Josephine County.

Median Prices for homes are also up.  Jackson County Median Price is $285,000 up 7.8%
Media Price for Josephine County is $248,000 up 9% from a year ago.
Northeast Grants Pass and  West Medford have seen highest price increases in the last year.

Ever want to know what Medford, OR really looks like in 2018. Here you go!
79,795Population

25.8 square miles3,097.4 people per square mile

Census data: ACS 2015 1-year unless noted

AGE
38.6Median age* data

  • about 90 percent of the figure in the Medford, OR Metro Area: 42.5
  • about the same as the figure in Oregon: 39.1

0-9: 13%†

  • about 20 percent higher than the rate in the Medford, OR Metro Area: 11%
  • about 10 percent higher than the rate in Oregon: 12%
† Margin of error at least 10 percent of total value

Population by age range

13%†0-913%†10-1913%†20-2913%†30-3912%†40-4914%†50-5911%†60-696%†70-795%†80+

Population by age category

18 to 6460%

16.3 minutesMean travel time to work* ACS 2015 5-year data

  • about 80 percent of the figure in the Medford, OR Metro Area: 19.1
  • about two-thirds of the figure in Oregon: 22.9

Carpooled: 9%†

  • about the same as the rate in the Medford, OR Metro Area: 9%
  • about 90 percent of the rate in Oregon: 10%
† Margin of error at least 10 percent of total value

Means of transportation to work

79%Drove alone9%†Carpooled1%†Public transit1%†Bicycle3%†Walked2%†Other4%†Worked at home

* Universe: Workers 16 years and over; ACS 2015 5-year data

31,157Number of housing units

  • the Medford, OR Metro Area: 92,845
  • Oregon: 1,718,509

Occupied: 94%

  • a little higher than the rate in the Medford, OR Metro Area: 90%
  • a little higher than the rate in Oregon: 90%

Occupied vs. Vacant

Occupied94%
  • Occupied
  • Vacant

Ownership of occupied units

Renter occupied53%
  • Owner occupied
  • Renter occupied

Types of structure

Single unit67%
  • Single unit
  • Multi-unit
  • Mobile home
  • Boat, RV, van, etc.

22.7%Moved since previous year

  • about 20 percent higher than the rate in the Medford, OR Metro Area: 19.1% †
  • about 1.3 times the rate in Oregon: 17.8%

10.9%Population with veteran status

  • about 90 percent of the rate in the Medford, OR Metro Area: 11.8%
  • about 20 percent higher than the rate in Oregon: 9.4%

WWII: 436†

  • about half the figure in the Medford, OR Metro Area: 895†
  • less than 10 percent of the figure in Oregon: 15,501†
† Margin of error at least 10 percent of total value

Veterans by wartime service

436†WWII714†Korea2,100†Vietnam1,077†Gulf (1990s)807†Gulf (2001-)

* Civilian veterans who served during wartime only

6,632 Total veterans 6,253 Male 379 Female

REAL ESTATE PAST SHOWS. Check them out!
Estate Planning with Ken Tharp Attorney and Alice Lema
Tax Cuts and Job Act with Glenn Cunningham
Future Buying and Selling with Lennox Scott and Jim Remley

Enjoy your week.  Please contact us anytime for information or questions.
Pete
petebelcastro@johnlscott.com
541 621 7036

 

 

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