Southern Oregon Market Stats
June 1st- August 31st, 2022
By Jake Rockwell
Well as the market continues to shift, one thing is consistent, the opinions of where the market is headed changes from source to source. While some experts predict that market to plummet, others predict the market continues on a path to stabilization. Some things are clear, we are no longer in a sellers market as the fed shifts the interest rates between 5% and 6%, far less people are competing in the same buyer pool. This has led to more price drops and homes sitting on the market for longer as sellers set prices based off of the market 6 months ago. Its important to move forward with realistic expectations of what the market is providing in a more immediate time frame. Sellers our advice is don't over price the home, if its worth more than what you hit the market with, the demand will be there, and drive competition with the offers usually resulting in a higher than asking offer. Buyers, our advice, know that there are less offers but still need to come in strong. Don't miss out on a dream home by not wanting to offer a little bit more, when its amortized over the life of your loan it could mean the difference of less than $100 difference in a mortgage payment. As for where the market is headed, albeit doesn't sound reassuring but honestly could be anyone's guess. We can tell you how to approach it now, Today, but what it might look like by end of the year is uncertain. One things for sure waiting to see is not always in your favor.
- Residential inventory went up considerably from 515 in 2021 to 822 in 2022, and increase of 59.6%
- For the first time in a while Rural home sales prices have started to come down from $637,500 in 2021 to $585,000 2022. With the largest change in homes with over 10 acres.
- The number of existing urban residential homes sold also dropped during this timeframe, from 858 to 652.
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