Douglas County Real Estate Market Trends Oct. 2020
“In 2021, I think increase in demand for housing, particularly, in work-from-home demand for larger size homes, will continue,” says Lawrence Yun, Chief Economist for NAR. He went on to say that, “Home sales (will rise) 9% and homes prices will continue to rise as much as 3% from this point moving forward into 2021.” He feels that homes sales will continue moving upward and mortgage rates will continue to remain low not exceeding 3% in most cases. Yun went on to say that nationwide, “homes sales are up 20% from a year ago, and new home sales are up 40% mainly because mortgage rates are at an all-time low and builders are back constructing homes.”
New listings in October increased by +8.7% (187 vs. 172) over last month! However, year-to-date our listings are down -6.9% to (1,850 vs 1,988). WE NEED LISTINGS, SO IF YOU HAVE THOUGHT ABOUT SELLING YOUR HOME, PLEASE GIVE US A CALL.
Pending sales increased +26.1% to (193) offers over October 2019 when (153) offers were accepted. Our pending sales in October are up over last month as well by +9.0% from (177 to 193). Also, our pending sales are up year-to-date +10.4% to 1,682 from 1,523. Pending sales are a good indicator of how strong or weak the market will be in the next 30-45 days when these offers begin to close.
October 2020 closed sales are at (187) are up +38.5% over October 2019 at (135). Closed sales are up +11.3% (187) compared to September 2020 at (168). As we compare closed sales year-to-date, they are also up +6.9% (1,515) vs. 20119 at (1,417). As you can see, our local real estate market is still strong, and I feel very optimistic looking into the future.
In Douglas County, comparing October 2020 to October 2019, the average sales price has increased to $314,800 (+9.3%). The year-to-date average sales price is $267,800, which is (+9.5%) higher than a year ago when it was $244,600. In the same comparison, the median sales price has increased (+8.9%) from $225,000 to $245,000.
With respect to increases in value: the Winston-Dillard area saw a +21.7% increase in value with an average sales price of $272,600. The Glide area’s average sales price increased by +15.8%. to $364,300. The Sutherlin-Oakland area saw an increase of +13.2% to $289,500. The sales price in the Myrtle Creek and southern part of Douglas County values increased by +18.4% to $239,800. In Roseburg the increase was +3.95% to $277,475.
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.
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.