Douglas County Real Estate Market Trends for 2020
The National Association of Realtors’ Chief Economist, Dr. Lawrence Yun, is predicting another banner year in real estate sales. “The momentum generated in 2020 will carry over into 2021,” says Dr. Yun. This is due to tight inventory, low interest rates, and a new federal stimulus package, if enacted, will help many Americans buy homes in 2021. He is forecasting a 21% jump in new home sales and 9% jump in existing-homes sales. He goes on to say, “Home prices will rise 6% and may go even higher.”
New listings in December increased by +1.0% (101 vs. 100) over last month. Year-to-date our new listings are down -8.6% to (2,065 vs 2,259). Pending sales in December decreased -5.3% to (107) compared to December 2019 when (113) offers were accepted. However, our pending sales are up year-to-date +8.2% to 1,877 from 1,734. We follow pending sales because it is a good indicator as to how strong or weak the market will be in the next 30-45 days when these offers begin to close.
The December 2020 closed sales increased by +7.3% (161) compared to last month when they were (150). As we compare closed sales year-to-date, they are up +10.1% (1,832) verses last year at (1,664). Since our local real estate market remains strong, I feel very optimistic looking into the future.
In Douglas County comparing 2020 to 2019 year-to-date the average sales price has increased to $274,200 (+11.1%) up from $246,800. In the same comparison, the median sales price has increased (+9.5%) to $249,00. Our total time on the market has decreased to 49 days down from 55 days last month. Also, our listing inventory is 1.1 months. If we did not take another listing in our area, all the properties that are listed would sell in just 32 days. This is the lowest inventory I have seen in the 48 years that I have been practicing real estate.
With respect to increases in value for the year 2020: the Winston-Dillard area saw a +21.1% increase in value with an average sales price of $273,200, the Glide area’s average sales price increased by +25.6%. to $384,400, the Sutherlin-Oakland area saw an increase of +11.0% to $290,000, and the sales price in the Myrtle Creek and southern part of Douglas County values increased by +27.4% to $249,400. In Roseburg for the Hucrest and Garden Valley area the average sales price was $355,500 a (+4.5% increase), for the Melrose and west Roseburg areas the average price was $309,100 a (+2.7%) increase, for the Winchester and near the College areas the average sales price $252,500 a (+4.7%) increase, and in the SE part of Roseburg the average sales price was $229,000 a (+.08%) increase in value.
INVENTORY IS EXTREMELY LOW IN DOUGLAS COUNTY. IF YOU WOULD LIKE TO TAKE ADVANTAGE OF THE INCREASE IN HOME VALUES OR JUST SEE HOW MUCH YOUR HOME IS WORTH, PLEASE GIVE US A CALL.
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