Southern Oregon Market Stats
March 1, 2022 - May 31st, 2022
By Jake Rockwell
Looking at the numbers the market is definitely moving. One of the biggest and most notable changes is the number of inventory compare to that over this same time last year. This number jumped from 398 to 678 ad 70.4% increase, which means its looking like we are shifting towards a more balanced market. The Southern Oregon Market in the past two years has favored the Seller, with such limited inventory, the buyer had less to choose from and allowed for the Seller to ask and typically fetch a higher price point. With more inventory coming on the market coupled with the interest rates for borrowers continuing to climb, affordability has decreased, meaning there are less people in the bracket allowing for higher price points and more purchasing power but also, those same buyer now have twice as many homes available to them.
Has it become a buyers market? Well not quite since the interest rate is still rising, but the market is evening. Likewise, with Sellers continuing to set pricing at what it was in previous months, we are seeing a slight overpricing lead to corrections in this case meaning price reductions and longer days on market, especially when you are looking at Urban homes, meaning those just outside the growth boundary or homes with more acreage, usually hovering around the 2 month mark.
- Inventory went from 683 to 778
- Absorption rate for inventory has risen up to 2 months
- DOM average for Rural homes is up to 55 days
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