Douglas County Real Estate Market Trends Jan. 2021

    Douglas County Real Estate Market Trends Jan. 2021

    Feb 24, 2021

    Greetings:

    The annual existing home sales rose nationally to its highest level since 2006 at 5.64 million, according to the National Association of Realtors. Also, the median price home rose +12.9% to $309,800 with the housing inventory at its lowest since 2006. The low inventory on new construction is also contributing to prices increasing. In some areas nationwide new construction is not keeping up with demand and is down with a 6-year lag. In Douglas County new single family dwelling permits dropped from 265 (2018) to 230 (2019) the last time these statistics were reported. Douglas County is in desperate need of new construction, and I am hopeful that contractors will be able to fill that need sooner rather than later.

    New listings in January increased by +43.6% (145 vs. 101) over last month!  However, compared to January 2020, our listings decreased by -19% (145 vs. 179).  Our pending sales increased by +31.8 (141) over last month but were down -12.4% when compared to January 2020 (141 vs. 161).  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 January 2021 closed sales decreased -39.1% (98 vs. 161) compared to last month at (161).   Also, our year-to-date sales at 98 vs. 115 year-to-date in 2020 are down -14.8%.  Normally, the first quarter of any year starts off slow and begins to gain steam in the 2nd and 3rd quarters of each year.

     In Douglas County comparing 2021 to 2020 year-to-date the average sales price has increased to $311,700 (+35.2%) up from $230,500.  In the same comparison, the median sales price has increased (+36.7) to $300,000 vs. $219,500. WOW, this increase in sales price is impressive with a staggering +35.2% appreciation rate. I have never seen this in the 48 years that I have been practicing real estate.  The total time on the market has increased to 51 days up from 49 days last month. Also, our listing inventory is 1.8 months.  This mean that if there were no new listings in our area, all the properties that are listed would sell in just 54 days.

    With respect to increases in value for the start of the year 2021: the Winston-Dillard area saw a +22.4% increase in value with an average sales price of $263,300, the Glide area’s average sales price increased by +28.1%. to $415,000, the Sutherlin-Oakland area saw an increase of +10.4% to $255,800, the sales price in the Myrtle Creek and southern Douglas County values increased by +31.4% to $251,000, for Hucrest and Garden Valley areas the average sales price was $459,600 a ( +12.5% increase), in Melrose and west Roseburg the average price was $362,600 a (+7.1%) increase, the Winchester and near the College areas the average sales price was $259,000 a (+4.2%) increase, in SE Roseburg the average sales price was $289,000 or (+3.0%) increase, and in Green the average price was $297,200 a (+14.0) increase.

    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 the world continues to navigate through the COVID-19 pandemic, we hope everyone is staying safe and healthy.