Century21 - The Neil Company Real Estate

Douglas County Real Estate Market Trends for April 2012

admin — Thu, 17 May 2012 16:06:37 +0000

May 16, 2012
Greetings:
Well our primary race elections are over as well as OUR UCC bond levy which was defeated overwhelmingly by a 3-1 margin. I am very disappointed in the results because this bond levy represented a real vision for our college and community for generations to come. However, the voters have spoken and I respect that. Congratulations to Commissioners Susan Morgan and Doug Robertson on their re-elections.
Nationally the real estate market continues to slowly recover. The sale of existing homes is estimated to finish at 4.48 million units which is up by nearly 5% over last year. Housing starts continue to rise and are estimated to finish about the 650,000 level which is up by 6% over last year. The largest gain in new housing starts is in the construction of new apartment complexes. As home ownership continues to decrease and people are losing their homes to foreclosures, many have decided to move into apartments. Lending conditions continue to remain tight with the full enactment of the Dodd/Frank bill, which requires larger down payments and higher credit scores of buyers.
In comparing April 2011 to 2012 both new and pending activity rose. New listings rose the most to 199 up from 148 (+34.5%). Pending sales saw a (+5.1% ) gain from 78 to 82 and closed sales declined by (5.3% ) from 76 to 72. At 13.3 months inventory in April 2012 it is very similar to April 2011 when inventory was 13.6 months. In comparison with the previous month of March, the same pattern is evident. New listings rose from 140 to 199 (+42.1%), accepted offers rose from 79 to 82 (+3.8%) and close sales fell from 85 to 72 (-15.3%).
Our year to date activity is mixed because the first 4 months of 2012 there was a drop in new listings, 674 to 619, pending sales increased to 306 up from 303 and closed sales up by 10% from 261 to 287. We are glad to see the closed sales trending upward because it is a good sign that our real estate market is improving. In April 2012 the average sales price was up from $152,600 to $163,200 (+12.5%). Total time on the market continues to decrease by 10 days from 185 days in 2011 and 175 days in 2012. In the greater Roseburg Areas there were 111 closed sales followed by the Sutherlin/Oakland area at 42. There were 37 closed sales in the Drain area with 33 in the Myrtle Creek area.
As I mentioned earlier, real estate sales and prices are moving upward and that is good news for our sellers. However, many of our sellers are helping with the sale by offering incentives to the purchasers, which can be as high 3.5% of the selling price. We are very fortunate to have sellers that are willing to help with buyer’s concessions in order to get their transactions closed. Interest rates continue to drop and now are 4.65% for a 30 year mortgage. We are seeing some mortgages below the 4% level.
Please keep all the troops that are currently serving in our military as well as our veterans and fallen veterans in mind as we celebrate Memorial Day. Remember, our freedoms are not free and the only reason that we are not fighting in our country is because our brave soldiers are protecting us in other countries.

Douglas County Real Estate Market Trends for March 2012

admin — Tue, 17 Apr 2012 00:24:05 +0000

Greetings:
It seems as though our economy is slowly improving but all consumers are proceeding very cautiously. I received a letter the other day from a Realtor in Southern California that stated, “home sales are back!” That is good news to us in Douglas County because, as we all know, most of our sales are from the California area. Since California represents the 7th largest economy in the world, it’s economy is very important to us. We have a large pent up demand with many people needing or wanting to buy but can’t for a number of reasons. We are still seeing many short sales with close to 30% of all our pending sales fitting that status.
I am working hard on the National level, to get Congress to put pressure on our financial institutions who hold mortgages that are underwater or people finding themselves behind in the mortgages to modify what is owed and keep people in their homes. When a house is foreclosed on, everyone loses.
I also want to remind everyone to vote “Yes on Our UCC” measure 10-115 that will be before us in May because it is so necessary in redefining our county. This $40,000,000 bond levy will cost the average home owner 29 cents per thousand of assessed value over 25 years or $43.50 per year if you owned a home valued at $150,000. What that means to Douglas County and the college is 3 new buildings being constructed, a Allied and Health Building, a Technological building and a Regional Training and Educational facility in South County. This $40,000,000 investment will mean over $200,000,000 to our community over the next 2-4 years as they construct these facilities in terms of new jobs, vendors and others that will directly benefit in our local economy. This is huge!
March real estate highlights saw closed sales increase from March 2011 to March 2012 by +26.9% from 67 to 85 and year to date by 16.2% from 185 to 215. I am glad to see us going in this upward trend because that means that sellers are helping our buyers get into the home of their dreams. More sellers are helping with closing costs, reducing their prices to bring them in line with bank appraisals. Sellers are able to do this because wherever they are relocating to they are finding prices on homes reduced as well at about the same percentages. Also, the current inventory of homes is at the lowest level it has been since August of 2007 at 10.2 months which is down significantly from a 30.3 month level in 2009.
The average sales price year to date has dropped compared to 2011 from $155,600 to $147,200 or (- 8.5%). However, the average sales price comparing March 2011 to March 2012 has increased by 7.3% from $137,200 to $147,200 which means we are trending in the right direction. The Sutherlin-Oakland, Northwest Roseburg, North Douglas, Myrtle Creek have all seen significant gains in closed sales each capturing 12-15% of the market.
Please keep our troops and their families in your thoughts and prayers for they are fighting for us and our freedoms. Remember to vote yes for “Our UCC” take the initiative to make our county stronger, it’s the right thing to do now and into the future. Just imagine if UCC was not here and what it would mean to all us that graduated from the college, took retaining classes to reenter the work force (over 22,000 credits have been obtained ), or attended social events. Our college is a “Gem” in our own back yard so let’s continue to make it better.

Douglas County Real Estate Market Trends for February 2012

admin — Wed, 21 Mar 2012 00:33:15 +0000

Greetings:
According to the National Association of Realtors economic forecast, existing home sales are forecasted to finish at 4.55 million up from 4.26 million in 2011 and new home sales at 370,000. Housing starts are projected to rise from 611,000 in 2011 to 710,000 this year. The existing home price is going up as well from $166,100 to $168,000 in 2012. Interest rates should come down to 4.1% in 2012 from 4.7% in 2011. As you can see, the trends in the real estate economy are forecasted to improve slightly in 2012, which is good news. I am encouraged by the current trends in real estate for they are going in the right direction.
In Douglas County real estate activity is seeing mixed results when we compare February 2011 to February 2012. New listings and the average sale’s prices are down but pending and closed sales are trending up. Our closed sales rose from 52 to 60 (+15.4) and pending sales rose from 75 to 87 (+16.5). New listings went down from 181 to 124 (-31.5%) which is good news for the sellers. In fact we have 14 months of inventory on the market for sale which is down (-24.3%) from last year and (-22%) from 2010. Comparing the previous month of January 2012 to February 2012 closed sales fell slightly from 69 to 60(-13%), pending sales rose from 84 to 87 (+3.6%), and new listings decreased 141 to 124 (-12.1%). The average sales price year to date fell from $166,100 to $140,100 (-15.7%). In other words, sellers are getting more realistic in their pricing of their homes with some sellers bringing money to the closing table in order to close their transactions.
Our average sales price, in February 2012, is the lowest it has been since 2000-2001. Even though we have seen an increase in closed sales, the prices are lower. Our lower prices also reflect the competing bank owned properties that have entered the market. They often take less to get the property off their books. Many sellers are realizing less in their asking price because many buyers are asking them to contribute toward paying for their closing costs and pre-paids. I am often asked, “Has our market bottomed out?” I don’t think so. In fact, we still have over a year of inventory and our local economy continues to suffer. These factors plus others have put a drag on the local real estate market. If people are out of work for a long period of time or they cannot find a job, they cannot afford to buy a home.
Commercial, industrial and office buildings continue to suffer with over 500,000 SF of property for sale or lease in Douglas County. We are not seeing any new industry locating here or existing industry expanding which is a trend that will continue for awhile. Across the nation, the only bright spot in new construction has been in the apartment arena. Many people are delaying the home purchase process or deciding to rent instead of owning. The vacancy rate in Douglas County is under 10% with the demand continuing to rise. We have seen some new projects within our area, with the complete remodeling of Wal Mart, the new construction of the Lang Center at UCC, the new Saving Grace facility, the Winchester I-5 interchange and other smaller projects. There are a number of new building projects on the drawing board in 2012 which will lead to more jobs.
Please keep our troops and their families in your thoughts and prayers and thank them for their sacrifices in preserving our freedoms. Have a very Happy Easter and treat yourself and your family to a good time by telling them each day how much they mean to you!

Douglas County Real Estate Market Trends for January 2012

admin — Mon, 20 Feb 2012 18:39:38 +0000

Greetings:

Existing home sales are showing an uptrend not only nationally but in Douglas County as well. The latest monthly trends for January 2012 shows a total of existing home sales rising 5.0% to a seasonally adjusted annual rate of 4.61 million which is up 3.6% higher than they were in 2011. The National Association of Realtors chief economist, Lawrence Yen, said “it appears that the economy is on its way to recovery. The pattern of home sales in recent months demonstrates a market recovery.” I still feel that we need to work on a sustain strategy of job growth in Douglas County which will then lead to more prosperity for all us.

Conventional interest rates on a 30 year mortgage still remain very low at 3.96% and there is still a large inventory of existing homes for sale, which makes for a great time to buy a home. Foreclosures and short sales still account for about 10-15% of all our sales in Douglas County which is below where we were last year at this time.

Even though we are writing up more sale contracts than we were a year ago at this same time, we are still finding it difficult in getting these pending sales to closing. The lender’s underwriting department is being extra cautious and has challenged many of the values that appraisers are using as comparable sales. We just never know once a home has been sold and the appraisal has been submitted whether we can get it close. In fact, only about 20-30% of our sales are closing once they have been accepted by all the parties.

In Douglas County our residential closed sales rose from 66 to 69 (+4.5%), and pending sales rose from 78-84 (+7.7%) and new listings when down from 169-141 (-16.6%) which is good news for us. In fact the current inventory (843 listings) would last 12.3 months compared to 16 months in 2011 and 19.4 months in 2010. Total market time also dropped from 220 days to 150 days when comparing January 2011 to 2012. These are good indicators for us because they show us a trend in the local real estate market improving. However, the average sales price decline in comparing 2011-2012 by (-13.7%) $186,400 in 2011 to $160,900 for 2012.

Our residential rental market continues to improve with a 8-9% vacancy rate which is lower than the last couple of years. Also, as people move out of their homes and relocate they are finding tenants as well. In commercial and office space, it is a different scenario with vacancy rates as high as 50-60% depending on location. Many small businesses are still suffering and are finding cheaper rents or negotiating with their present landlords to adjust their rates downward.

Please keep our troops in harms way in your thoughts and prayers as long as their families for they are making severe sacrifices for us. Enjoy your life and go out and volunteer your time and talent for some worthy organization that you are passionate about.

Douglas County Real Estate Market Analysis for 2011

admin — Thu, 19 Jan 2012 18:51:22 +0000

Greetings:
Happy New Year 2012! I hope that you had a wonderful and joyous Christmas and celebrated New Years in great fashion. Cathy and I had a blast at the Rose Bowl with 50,000+ of our closest friends. The win by the Ducks was so sweet. (it was 95 years ago that the Ducks won their last Rose Bowl).
I just finished reading an article in our local paper that took a look at area businesses that have not only survived but thrived over the past few years in our tough Douglas County economy. WOW…good news for a change. The article highlighted many small businesses that have added staff to their companies to meet their growing demand and also featured businesses that have expanded their companies into the national and international marketplace.
In Real Estate, the housing recovery is occurring nationwide, but at a slower pace then expected according to Lawrence Yun, chief economist, for the National Association of Realtors. However, home inventory is trending downward, pending sales are rising and even though sales prices continue to go down, at least consumers are gaining confidence in the real estate market. People still need a place to live and raise their family and have come to accept the fact that they may or not make money on their home when it is time for them to sell.
Real Estate trends in Douglas County continue downward. Comparing 2010 with 2011, all real estate activity declined. Closed sales went down -4.4%, pending sales fell -3.1% and new listings decreased -17.6% Total sales volume in 2011 was $136 million, down from $143 million in 2010. The average sales price in 2011 was $154,800 v. $155,300 in 2010. There were a total of 878 closed sales in 2011 with Myrtle Creek and South County seeing the most closed sales activity (14 %), followed by the N. Roseburg, (13%) and Sutherlin area (12%).
It seems to me that, even though our real estate prices have not bottom out, our prices are not declining as much as they were just 2 years ago. I feel that Douglas County will continue to grow because of our climate, our location on 1-5 and our boundless recreation activities. We all live a good life in Douglas County and more people are discovering us.
Please remember all our military personal and their families in your thoughts and prayers. Have a wonderful and loving Valentine’s day with your family and loved ones.

Douglas County Real Estate Market Analysis November 2011

admin — Mon, 19 Dec 2011 17:11:05 +0000

Greetings:
Douglas County is very fortunate to have the amenities that people are looking forward in locating here. We have a great climate for growing a variety of produce, great location on the I-5 corridor, great medical facilities with Mercy Medical Center and the Veterans Hospital, located near great outdoor recreation with hunting and fishing, biking, and golf, and the lists go on. However, what concerns me the most is that our population is aging with over ½ of those of us that live in Douglas County are over 55. What that means is that we are losing our best and brightest young people who choose to move because of the lack of employment and limited opportunities, that we offer them.
We need to do something about this and in May 2012 our Umpqua Community College will be asking the homeowners of our area to pass a $40 million dollar bond levy that will be used to construct 3 new facilities. This bond levy will cost the average home owner about $58 per year over a 25 year period and will offer a new Allied Health building, a Technology building and a south county facility which will provide our area with much needed jobs and training for our students now and for years to come.
As chairman of this campaign I am asking for your support because it will take all of us to work hard in our county to get our county rolling again. We have a great opportunity to turn the tides of this very crippling economy by passage of this levy because it will have over a $200 million dollar impact on our local economy. Also, the state of Oregon will provide a $8.5 million matching construction grant and with construction costs down plus this grant, we are afforded a golden opportunity to give our county residents hope for the future. We are asking the property owners to invest into our future so we can stem the tide of losing our young people and improve our local economy. This project is a win-win for our county. So please help us get out the message and vote for passage of this very important issue. If you want more information on the levy or would like to help us, feel free to contact me.
As we compare November 2010 with November 2011, closed sales fell from 66 to 64. Pending sales grew from 74 to 75 and new listings increased by 37.5% from 96 to 132. Historically November is a slower month in Douglas County as far as real estate sales and our stats reflects that trend. On a month to month basis, Douglas County showed declining sales activity when comparing the previous month of October 2011 with November 2011. Closed sales decreased from 73 to 64 (-12.3%), and pending sales fell from 93 to 75 (-19.4%). New listings saw a rise of +7.3%, up from 123 to 132.
When comparing November 2010 to November 2011, the average sales price dropped 6.0% ($165,700 v. $155,800). However, a comparison of the month prior October 2011 to November, shows a +11.1% rise in the average sales ($140,200 v. $155,800). The average sales year to date is down -2.0% ($155,600 v. $152,500).
We want to wish you and your family a very Merry Christmas and Happy New Year. Be sure to include all of Military troops and their families in your thoughts and prayers during this time for all that they do to help us enjoy our liberties. God Bless all of you and your loved ones, and God Bless America.

Douglas County Real Estate Market Analysis for October 2011

admin — Mon, 21 Nov 2011 21:08:00 +0000

GREETINGS:
Our local economy continues to suffer, in fact, it stinks. One of largest employers in our area, the Swanson Timber Company just laid off 400 workers until the end of the year and plans to revaluate what they will do then. The demand for finished lumber continues to decline nationwide and worldwide even though the demand for raw logs exports are up. These are reasons why we need to pass the UCC bond levy in May to offer hope of future employment in the growing health care and technology field. This is critical for the long-term well being of our community and the people that live here. We are, however, hearing that many of our local retailers are hiring for the holidays and there seems to be an uptick in consumer confidence. Our local Wal-Mart is expanding its current facilities and it will soon become a “Super Wal-Mart” which will include a grocery store.
Gradual Recovery for Housing and the Economy is expected in 2102, according to our lead economist at the National Association of Realtors, Lawrence Yun. He went on to say that home sales should be stronger in 2012 even though they struggled in 2011. “Tight credit restrictions have been holding back home sales and consumer confidence has been shaky. Nonetheless, there is a sizeable pent-up demand based on population, the growth of jobs in certain key sectors of our economy, and lower than normal interest rates will likely contribute to the growth in home sales.” With the continued interest in the elections in 2012, Yun feels that many consumers will once again feel good about the nation’s economy, depending on the outcome of their specific region. In other words, our economy will grow more regionally than nationally, Yun feels. Of course, we are seeing that already with the recent surge of housing demands in Williston North Dakota when oil rigs are popping up like weeds. In fact, Williston is expected to grow from 30000+ to 60000+ in the next 2 years or less.
In Douglas County October Residential activity was down when you compare October 2011 to October 2010 when closed sales fell from 80 to 73 (-8%). Pending sales remained constant at 93, while new listings dropped by (-28.5%) from 172 to 123. When you compare the respective month of October in 2010 to October 2011, the average sales price dropped from $163,600 to $140,200 (-14.3%). The total market time for this same period, October 2010 to October 2011 also dropped from 176 days to 154 days, which is significant.
On a month-to-month basis, Douglas County showed declining sales activity across the board when comparing the previous month of September 2011 with October 2011. Closed sales decreased from 82 to 73 (-11%), and pending sales fell from 100 to 93 (-7%). New listings saw a drop of 11.5%, down from 139 to 123. At this month’s rate of sales, the 1,027 active residential listings would last about 14.1 months, which is the lowest October inventory rate of the last 3 years.
Cathy and I had the pleasure of attending the 236th Birthday of the Marine Corps in the Portland area, hosted by the Recruiting Station of Portland. There were close to 400 Marines and their guests in attendance honoring past and present Marines. It was a lively and eventful evening.
Please keep our Military men and women and their families in your thoughts and prayers and be thankful for what you have and the wonderful life that you live because our servicemen and women are preserving our freedoms. Happy Thanksgiving and enjoy your time with your family and friends.

Douglas County Real Estate Market Analysis for September 2011

admin — Mon, 31 Oct 2011 18:41:55 +0000

Greetings:
The Occupy Wall Street protestors and the 99% majority sure have stirred the pot not only in our country but worldwide. In fact, we in Douglas County had our own demonstration on the 15th of October where about 200 people walked from downtown to the Garden Valley area. According to a recent CBS poll over 73% of Americans agree with what these protestors stand for even though they do not believe in their tactics. I know that most of us feel that our voices go unheard in Congress and with the dire condition of our economy, we are all getting very frustrated and fed up with our leadership not only in the White House, Congress but in our corporate world as well. Many of us have seen our incomes drop considerably over the past few years where we have all had to adjust. I realize that many of our money policies needed to be reformed but in the interim the feds are becoming way over zealous in their attempts to correct those policies.
Real Estate trends in Douglas County continue on the rise which is great news. The average sales price increased by +9.1% when you compare September 2011 to a year ago. ($157,600 to $144,400) However, the average sales price year to date went down slightly -0.2% from $154,100 to $153,800. We are seeing more offers written and more sales close up +17.1% (82 v.70) This is great news for our sellers which means that sales are increasing. As we all know by now, sales are a direct result of demand and price. I feel that the majority of buyers are starting to have renewed confidence in the value of purchasing a home to live and raise their family. Most buyers have decided to buy, with historically low interest rates and the willingness of sellers to cooperate in paying for some if not all of the buyers’ closing costs, making them feel better about their purchase.
Pending sales jumped a whopping +137.5% in Northeast Roseburg, followed by Myrtle Creek at +100%, then Northern Douglas County at+ 83.3% and Winston Dillard at+ 75% with the Winston area at+ 45.5% as you compare the month of August 2011 to the month of September. The biggest drop in pending sales occurred in Northwest Roseburg at -43.8%, -25.0%in Southwest Roseburg, -25.0% in Glide and down -20.0% in Southeast Roseburg. Closed sales in the month of September were at the same level they were in 2007 which is wonderful news.
Currently we have 13.1 months of inventory remaining on the market for sale in residential. This is down from last month which was 15 months and down from 2009 when it was 15.3 months and 18 months in 2010. These trends are another good sign that our local real estate business is headed in a positive direction.
Please remember all of our men and women in uniform and their families in your thoughts and prayers for the sacrificing they are making to keep us safe and free. Enjoy your Halloween and remember to “Trick or Treat” on the 31st and have fun.

Douglas County Real Estate Market Analysis for August 2011

admin — Fri, 16 Sep 2011 23:57:37 +0000

Greetings:
Good News! I have been selected to be the chairman of the upcoming bond measure in May 2012. Umpqua Community College will request authorization from the voters of Douglas County in May 2012 to finance $40,000,000 in general obligation bonds to build a Regional Allied Health & Science Training Center, an Industrial Arts & Technology Training Center, and to repurpose vacated spaces, including the infrastructure on the campus. The bond would also enable Umpqua Community College to purchase a facility or build a facility to provide programs and services in South County. The tax rate is anticipated to be $.33 per $1000 assessed value of property in Douglas County. The median home value in Douglas County is $176,700 and at $.33 per $1000 that equates to $58.08 per year for 25 years to support the bond levy. I am often asked,“ why would the College put a bond levy to vote under the worse economic conditions in our nation, in our state and in our county? “ In my opinion, we need to do it now more than ever! We really don’t have any other choice! If we don’t do something constructive who will help us? I feel strongly that our college is the catalyst for economic growth in our community by offering students the curriculum to survive and thrive in the workplace.

The citizens of Douglas County are a very resilient and self supporting group, and with the successful passage of this bond levy, we will offer hope for not only now but into the future. To me, this is more than a bond levy or another tax, it is an investment now for the future citizens of this county. What we are asking in this bond levy reminds me of what was asked of our community in 1964 when the college was established. Douglas County was fortunate to have the conscientious and futuristic leaders back then to secure the location of a community college here. They invested then and we are being asked to invest now for bigger dividends into the future of our community. A recent study conducted by EMSI concluded that the college has a $196.7 Million impact on our local economy annually. Folks, that is huge. Please help me and the college get this measure passed in May 2012, the future of Douglas County depends on it. If you would like to help me, please call me.

Residential real estate in August 2011 compared to a year ago saw that our closed sales went up from 75 to 77. Also, compared to last month our closed sales rose as well from 65 to 77 (+18.5%). Pending sales also grew from 79 to 102 (+29.1%). However, when look at year to date to closed sales compared to this time last year we are down -4.9%. (585vs615). The average sales price has decreased by -8.6% compared to last year at this time to $152,200 vs. $155,600. As you can see, when prices decrease our sales increase. Today’s prices are where they were in August 2004 and down from the high of $251,000 in February 2007. I am very encouraged to see the upward trends in our market, which can be attributed to lower prices, lower interest rates and sellers that are willing to work toward getting their houses sold. Sellers are pricing their homes to sell rather than just to see if they sell. I often tell sellers that even if they take less in the sale of their property more than likely wherever they are moving to, they will buy at a lower price as well.

Again, please keep our brave young men and women who are serving our country along with their families in your thoughts and prayers for all their sacrifices in keeping our nation free. Also, remember those families and survivors of 9/11, ten years later. God Bless you and the USA!

Douglas County Real Estate Market Analysis for July 2011

admin — Fri, 19 Aug 2011 18:27:26 +0000

Greetings:
Congress and the President did come to some resolution regarding the debt ceiling and cutting some of the costs of running the government. However, to take the heat off Congress and the President, they created another “Super Elite” committee made of an equal number of Republican and Democrat Senators to examine ways to trim the cost of government. That is all we need, another committee! We all know the definition of a two hump camel, “that is a horse that goes to a committee and comes out a two humped camel.” Committees are nothing more than a cop-out for they are only temporary and advisory at best with no authority to enact what they suggest. As a nation, we need to be careful that our Congress and President become nothing more than entities that study and recommend rather than comprise and enact laws. However, we must keep in mind that changes in Washington are slow and grinding for a reason, it is called a democracy.
Nationwide real estate sales continue downward in the West and the South. There has been a slight increase in sales in the Midwest and Northeast. There are a number of reasons for this, mostly attributed to the heavy flooding and tornado damage in those regions. In fact, new housing construction is up which is some good news for homebuilders. NAR chief economist, Lawrence Yun, said “there is a real tug and pull on the market. “ Most potential buyers are finding that the lender requirements have been so harsh that many of them can’t qualify to buy, even though they want or need to buy. I am often asked, “is there an answer to solving the domestic housing crisis?” There is in my opinion, re-establish the credit for all buyers (not just first time homebuyers) that was so successful 2 years ago. In the short term, it will help get rid of the surplus of houses on the market and in the long run, get people into homes to fulfill their American Dream, home ownership.
July’s real estate prices and activities continue to decline in terms of closed sales with year to date at 507, which is down from 540 a year ago, (-6.1%). Comparing June 2011 to July 2011, closed sales fell from 84 to 65 or (-22.6%). Pending sales for this same period dropped from 95-79 (-16.8%). New listings increased from 179 to 213 (+19.%). At this month’s rate of sales, the 1,172 active residential listings would last approximately 18 months which is up from 11 months last month. Even though the amount of closed sales and pending sales were down, the average sales price rose from $126,600 to $171,400 (+35.4%). This is one of largest increases in value we have seen for awhile. This is great news, slowly we are moving toward recovery. The Sutherlin-Oakland area continues to see the largest increase in value at +8.6% with the average sales price at $174,500. The Green area saw the largest decrease in value at -18.8% with average sales price at $124,300. The total market time has increased to 198 days so you see it is taking over 6 months to sell the average sales price home in Douglas County with is up from 169 days a year ago. As I said earlier the average sales price has increased to $171,400 which is where prices were in January 2005 which is 31.4% below where prices were in 2007.
Cathy and I are new grandparents for the fifth time! Yes, Clark Harris Hummel, was born to Jamie and Adam on the 17th of August. He is a good, healthy and handsome dude, which will make him a good candidate for The Marine Corps Officer Training School in about 22 years. We are extremely proud of all 5 of our grandchildren; Chance, Ashlyn, Andi, Ryann and now Clark. We are truly blessed!