Douglas County Real Estate Market Trends Jan. 2022
Home sales nationwide for January 2022 rose to a seasonally adjusted annual rate of 6.5 million, an increase of +6.7% from the prior month. The median existing home sales price rose at a stronger pace of + 15.4% on a year-over-year basis to $350,300. According to the NAR Chief Economist, Lawrence Yun, “This trend will continue because many buyers are locking in at a lower interest rates and inventory of home continues to be low, especially in the lower price ranges.” There still is a 5 to 6-year lag in the building of new homes to fill the needs of current home buyers.
Nationwide, one of the biggest challenges for most builders is the supply chain. In Douglas County most builders are waiting for garage doors, appliances, carpeting, and wood. Even though we are living in one of largest timber producing communities, home building wood products are in short supply. There is also a lack of trade laborers. Many contractors have told me that the lack of help has caused them not to take on new jobs.
Despite these many challenges, Scott Carroll of The News Review reported that our area has some bright spots. There is the construction of a 144-unit apartment complex off Diamond Lake Blvd, another 105-unit complex in the same area, Aviva Health constructing a $16 million building, Douglas Electric building a new state-of-art headquarters, Grocery Outlet moving to Garden Valley Mall, construction of a gas station and convenience store near Motel 8, and the news of In-and-Out Burger breaking ground near Home Depot. These exciting developments will make Roseburg’s economy healthier.
New listings in our area decreased in January 2022 (136 v. 145) compared to January 2021. Pending sales increased in January compared to January 2021 at (144 v. 141). Pending sales are a good indicator for how strong the market will be in the next 30-45 days when the offers start closing. Closed sales were up in January by +23.5% (121 v. 98) compared to January 2021 but decreased -17.1% compared to December 2021 at 146.
With respect to increases in value for our area: the Winston-Dillard area saw a +5.6% increase in value with an average sales price of $299,000; the Glide area’s average sales price increased by +9.7%. to $693,400; the Sutherlin-Oakland area saw an increase of +17.5% to $299,000; the sales price in the Myrtle Creek and southern part of Douglas County values increased by +10.9% to $286,200; in Roseburg for Hucrest and Garden Valley the average sales price was $467,600 or +14.8% ; in Melrose and west Roseburg the average price was $327,000, an increase of +22.2%; the Winchester and College area average sales price was $260,200 or 28.1%; the SE part of Roseburg the average sales price was $335,100 or +19.0% increase; home prices increased in Green to $281,000 or + 13.3%; and in North Douglas County and the Drain area the average sales price increased to $301,800 or +22.1%.
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 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. They deserve our highest respect, please honor them.