Douglas County Real Estate Market Trends Sept 2020
Mortgage rates continue to fall to an all-time low! Some buyers in Douglas County are getting home loans as low as 2.75%. Buyers are even willing to pay more than listing price to get what they want or need. We still continue to see multiple offer situations, which is good for the sellers. Currently we have a 1.6-month supply of listing inventory on the market, which is driving prices up. With a continued low inventory and historic low interest rates, prices will continue to rise.
New listings in September increased by +10.3% to (172) over September of 2019 at (156). However, year-to-date, our listings are down -9.5% (1,654 vs 1,827). Hopefully developers and builders will be able to help with listing inventory by supplying new construction. Currently there is a new 89-unit apartment complex in the final stages of construction off Diamond Lake Blvd; however, Douglas County still remains in need of housing in all areas.
Pending sales increased +22.1% to (177) offers over September 2019 when (145) offers were accepted. However, our pending sales are down -19.9% compared to last month at (221). 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.
September’s closed sales at (168) decreased -7.2% compared to August 2020 at (181). However, closed sales year-to-date, are up +3.4 at (1,324) verses last year when they were (1,280). Looking towards the future, we are optimistic due to the current state of the real estate market.
IF YOU ARE IN THE MARKET TO SELL, NOW IS AN EXCELLENT TIME IN TERMS OF APPRECIATE THAT WE HAVE SEEN IN YEARS. PLEASE FEEL FREE TO CALL US, AND WE WILL GET THE JOB DONE.
Comparing 2020 to 2019 through September in Douglas County the average sale price has increased to $261,100 (+8.7%). In the same comparison, the median sales price has increased (+6.9%) from $224,500 to $239,900.
In Douglas County, year-to-date, Glide remains the strongest area in appreciation rate at +21.3% with an average sales price of $370,800! Winston and the Southwest side of Roseburg increased by +19.8% to $265,000. The Sutherlin-Oakland area saw an appreciate rate of +16.1% to $267,700. The sales price in the Myrtle Creek and southern part of Douglas County increased by +17.1 to $232,000. In Roseburg the average appreciation rate was 2.9% to $274,875.
Please keep all the men and women that are serving in the military along with their families in your thoughts and prayers. Also, pray for everyone affected by the wildfires throughout the United States. We are especially thankful for all the firefighters risking their lives to keep us and our homes safe.