Douglas County Real Estate Market Trends Feb. 2021
The national housing market has been on fire so far in 2021 due to record low interest rates and lack of inventory. Unfortunately, the baby bombers who were most likely to downsize and sell, choose not to because of the Pandemic. This, as well as higher cost to build new homes, led to the lack of inventory. However, most economist believe this will change in 2021, which will bolster the number of homes on the market. Additionally, sales are predicted to grow by 7% in 2021, up from 5.7% in 2020.
Douglas County followed the national trend in terms of low inventory when new listings for February decreased by -5.5% at 137 compared to January 2021 at 145. However, when you compare year-to-date 2021 new listings (282) to 2020 (323), they have decreased by -12.7%. Pending sales have also decreased by -12.6% to 132 compared to February 2020 at 151. 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 February 2021 closed sales have decreased -2.0% to 96 compared to last month at 98. Also, our 2021 year-to-date closed sales at 197 versus 2020 at 234 are down -15.8%. Traditionally sales pick up in the 2nd and 3rd quarter of the year as the spring and summer seasons begin.
In Douglas County comparing year-to-date the average sales price has increased by +26.4% in 2021 at $265,500 versus 2020 at $229,300. However, February average sales price ($229,300) compared to last month ($311,700) has decreased by -14.8%. In the same year-to-date comparison, the median sales price has increased +20.0% ($264,000 in 2021 versus $220,00 in 2020). The +20.0% appreciation rate regarding the average sales is very impressive which is well above the national average. Our total time on the market has decreased to 50 days. Also, our listing inventory is 1.6 months, so we if did not take another listing in our area, all the properties that are listed would sell in just 32 days.
With respect to increases in value for the start of the year 2021: the Winston-Dillard area saw a +19.3% increase in value with an average sales price of $237,600, the Glide area’s average sales price increased by +32.6% to $358,300, the Sutherlin-Oakland area saw an increase of +11.5% to $236,800, the sales price in the Myrtle Creek and southern part of Douglas County values increased by +37.5% to $255,800, for Roseburg’s Hucrest and Garden Valley area the average sales price was $458,900 a (+14.6% increase), in Melrose and west Roseburg the average price was $340,900 a (+9.4%) increase, the Winchester and College area had an average sales price of $294,800 (+9.1%) increase, in the SE part of Roseburg the average sales price was $212,700 or (-0.1) decrease, and home prices increased in Green to $272,400 or (+13.1%).
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 CALL US!
Please keep all the men and women that are serving in the military and are our first responders along with their families, in your thoughts and prayers. As we begin to see glimpses of normalcy, we hope everyone continues to do what they can to stay safe and healthy.