Douglas County Real Estate Market Trends for 2021
Many economists and lenders expect the interest rates to rise in 2022, which will slow the market. Fannie Mae’s mortgage interest rates are expected to rise from 3% to 3.5%, which will affect the consumer’s monthly payment by nearly $100 per month. Also, the higher inflation rates will make it difficult for first-time home buyers to enter the housing market. This will lead to lower sales numbers as the year progresses.
New listings in our area decreased in December by +35.3% (99 v. 153) compared to November but are up +8.5% year-to-date (2,241 v. 2,065) compared to 2020. Pending sales stayed the same in December compared to November (143 v. 143). Year-to-date pending sales are down slightly -2.3% at (1,806 v. 1,832). We follow pending sales because it is a good indicator of how the market will perform in the next 30-45 days when these offers begin to close. Closed sales were down in December by -7.0% (146 v.157) compared to last month. The year-to-date closed sales also decreased by -1.4% (1,806 v. 1,832). The real estate market has slowed slightly.
In Douglas County comparing 2021 to 2020, year-to-date, the average sales price has increased by +17.3% ($321,500 vs. $274,200). Furthermore, the average sales price for the month of December is up to $345,400, which is the highest price I have seen in the 49 years I have been real estate sales. When I first started in 1973 the values have increased by nearly 50 times ($345,400 v $7,000).
In the same comparison, the year-to-date median sales price has increased +17.3% ($292,000 vs. $249,000), which is well above the norm compared to other parts of the nation. Fortunately for us, the western region of the United States remains as one of the highest average sales prices. Our total time on the market has increased to 48 days and our listing inventory is at 1.3 months.
With respect to increases in value for our area: the Winston-Dillard area saw a +7.1% increase in value with an average sales price of $291,800; the Glide area’s average sales price increased by +12.0%. to $430,700; the Sutherlin-Oakland area saw an increase of +16.8% to $338,900; in North Douglas County and the Drain area the average sales price increased to $269,600 or +22.6%; and the sales price in Myrtle Creek and the southern part of Douglas County values increased by +12.3% to $279,200. In Roseburg, the Hucrest and Garden Valley average sales price was $426,300 or +19.9%; the Melrose and west Roseburg average price was $388,200 a +25.7%; the Winchester and college area average sales price was $325,400 or +28.5%; the SE part of Roseburg average sales price was $267,600 or +16.9% increase; and home prices increased in Green to $261,500 or +14.8%. As you can see, all the areas saw significant price increases, which is a good sign of a strong economy.
OUR AREA IS STILL SEEING A LARGE INCREASE IN SALE PRICES (DOUBLE DIGIT INCREASES IN MOST CASES). IF YOU WANT TO TAKE ADVANTAGE OF THESE INCREASES, GIVE US A CALL!
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