Douglas County Real Estate Market Trends Aug. 2021

    Douglas County Real Estate Market Trends Aug. 2021

    Oct 01, 2021

    Greetings:

     

    Existing-home sales nationwide declined by -1.7% in August. This is the first time in over 2 years that prices have decreased instead of risen, according to the National Association of Realtors. Single-family home sales decreased to a seasonally adjusted annual rate of 5.19 million in August, down -2.8%.

     

    The market is adjusting to a sudden change in buyer’s attitude about rushing to purchase. Many buyers are waiting to see what the market does before purchasing a home. Even in Douglas County, we are not seeing as many multiple offers as we did 1-2 months ago. 

     

    None-the-less, the median price home nationwide is $363,800 up 15.6% from 2020. The West region led the highest median price home at $514,600 up 13.5% from last year followed by the Northeast with a median home price at $417,200.  The Midwest, even though growing in average sales price, is still lower than other regions at $275,600.  

     

    Douglas County continues to see increases in new listings year-to-date at 1,605 vs. 1,476 in 2020. However, our year-to-date pending sales are down 1,274 vs. 1,341 last year.  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.  Our closed sales year-to-date have increased to 1,157 vs. 1,149 in 2020.

     

    Comparing the first eight months of 2021 to 2020 In Douglas County, the average sales price has increased by +21.8% ($311,500 vs. $255,800).  In August, the average sales price increased to $332,400, which is the highest price I have seen in the 48 years that I have been in the real estate business.

     

    The August inventory of properties to sell increased to 1.7 months and the total market time decreased to JUST 22 days, a new record for our area. We are still seeing multiple offers on some properties, but not as much. Often these properties are selling for more than the listing price. This is great news for the sellers in Douglas County. There are a few reasons for this trend: low interest rates, a lack of inventory, and new buyers moving to our area either because of employment or retirement.

     

    Year-to-date, the Northern part of Douglas County saw the highest increase in average sales by +33.4% at $257,800. Winchester and the College area followed with an increased by +30% at $312,500.  The Myrtle Creek average sales price increased by +27.4% at $278,800, followed by the Northwest part of Roseburg (Hucrest and Garden Valley) by +19.5% at $430,400, and then Glide by +19.4 at $418,600. 

     

    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! 

     

    Please greet and thank the National Guard who have stepped up and are helping at Mercy Medical Center. We appreciate them and the vital role they play working alongside our heroic medical staff. Please do everything you can to keep yourself and those around you safe.