Greetings:
There is good news for new Housing in Douglas County! Umpqua Valley Habitat for Humanity, which helps individuals and families that qualify build their own homes, has recently been awarded more than a Million Dollars in state funding to help build around 20 new homes in Riddle. Be sure and submit your application to the Umpqua Valley Habitat for Humanity to see if you qualify. This is a wonderful opportunity for households to own a home. The former President Jimmy Carter and his late wife Roselyn were huge supporters of this organization and participated in the many projects nationwide. Also, the city of Sutherlin recently announced a Commission on Housing to investigate and study the need for increased housing. With a vacancy rate of 1.5%, there is little housing available in Sutherlin.
Nearly every employer in Douglas County will tell you that those seeking employment cannot find housing for themselves or their families. Our local hospitals, including the VA are having trouble finding housing which inhibits their ability to get employees. It may become necessary for our employers to provide housing for their skilled employees, much like timber companies did when they built timber towns to get the labor force to work in their mills.
As 2023 finished, it is interesting to compare our local real estate market in terms of average and median sales prices, number of listings, number of sales and number of closings to see how it compared to 2022.
The total amount of VALUE IN SALES, as reported by our RLMS in 2023 was down (-24%) from $1,334,278,989 in 2022 to $1,011,238,416 in 2023. The average sales price reported in 2023 was $343,400 which was down (-4.4%) compared to 2022 at $359,200. There were over 1,752 listings in 2023 which is a decrease from 2022 at 2,054 or (-14.7%). The number of closed sales decreased as well with 1,284 in 2023 from 1,536 in 2022 or (-16.4%).
According to RMLS statewide, listings are down -8.4% to 12,892 in December 2023; however, the median sales price is up +16.3% to $431,380. In Douglas County, our median price is $315,000. Many out-of-area brokers are selling properties here because they are so affordable. In fact, over +600 brokers sold properties in Douglas County, and we have only +300 brokers that are members of our local Board of Realtors.
On the bright side, pent-up demand continues to increase with almost an 8-year lack of inventory existing in the state of Oregon. In Douglas County, our pent-up demand is also high; so, the real estate business will continue to grow but at a slower pace. There are many reasons why inventory continues to be tight, but one of the main causes is that retired Americans are staying in their homes longer. Normally, they either downsize or move to another location. But because of high replacement costs, they decide to stay put, thus causing a housing shortage. However, this trend is expected to change in the next couple of years, making more housing available.
Again, keep all our Veterans current and past, in your thoughts and prayers for remember our “FREEDOMS ARE NOT FREE!” I along with over 200 people from Douglas County recently attended a memorial for a 99-year-old veteran who had no surviving relatives. It made me proud to call myself a Douglas County veteran to see the outpouring of support in honoring this veteran, who no one knew. This act is symbolic of how we feel about those that currently serve and have served our country. GOD BLESS THEM AND GOD BLESS AMERICA!
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