Douglas County Real Estate Market Trends Nov. 2020
With such a frenzy of activity in the current real estate market, we are often asked if there is a bubble similar to the crash in 2006? According to Mr. Yun, Lead Economist “This is no comparison to the events that led to the 2006 crash. In 2006 there were dubious loans made, which the FDIC has corrected and people have more equity in their homes, which allows them to move into higher priced and larger homes” He went on to say, “Tight inventory and low interest rates continue to fuel the robust real estate market.”
New listings in November decrease by -46.5% (100 vs. 187) over last month! Year-to-date our listings are down -8.8% to (1,957 vs 2,145) in 2019. Pending sales in November decreased -34.7% to (126) compared to October 2020 when (193) offers were accepted. However, pending sales are up year-to-date +8.5% to 1,782 from 1,643. 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 November 2020 closed sales are down -19.8% (150) compared to last month at 187. However, as we compare closed sales year-to-date, they are up +7.5% (1,667) verses last year when they were (1,551). Our local real estate market is still strong, and I feel very optimistic looking into the future. In Douglas County comparing November 2020 to 2019 the average sales price has increased to $297,600 (+19.6%). The year-to-date average sales price is $270,400, which is (+10.4%) higher than a year ago when it was $245,000. In the same comparison, the median sales price has increased (+8.9%) from $225,000 to $245,000. Our total time on the market has decreased to 55 days down from 63 days last month. Also, our listing inventory is 1.4 months. This means that if there were no new listings in our area, all the properties that are listed would sell in just 42 days.
With respect to increases in value: the Winston-Dillard area saw a +23.9% increase in value with an average sales price of $271,800, the Glide area’s average sales price increased by +15.9%. to $366,300, the Sutherlin-Oakland area saw an increase of +12.2% to $289,800, the sales price in the Myrtle Creek and southern part of Douglas County values increased by +25.0% to $242,600, in Roseburg the increase was +4.85% to $282,275. Over all in Douglas County the average sales price increased + 10.9% to $270,400. We remain in a sellers’ market with a very impressive double-digit appreciation in home values.
THE REAL ESTATE MARKET IS WITNESSING UNIQUE TIMES IN OUR AREA IN TERMS OF INCREASED VALUE, DOUBLE DIGIT INCREASES IN SOME CASES. IF YOU WANT TO SELL YOUR HOME TO TAKE ADVANTAGE OF THIS INCREASE, PLEASE CALL US.
We want to wish you and your family a Very Merry Christmas and Happy New Year. Also, 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 navigate through these unprecedented times, they are making huge sacrifices to keep us safe. See you in 2021!