Greetings:
The 2024 Housing market in many ways mirrored 2023 with few homes on the market and not enough buyers able to afford the higher prices and mortgage rates. This pushed house prices higher and kept affordability historically low. The US median sales price reached an all-time high at $438,000 (compared to Oregon’s at $449,300 and Douglas County at $324,900). Existing home sales finished up the year +9.3% (compared to Oregon at +9.5% and Douglas County +5.6%) Many leading economists predict that the housing market will continue to grow in 2025 and 2026 as the economy begins to improve over 2024. After the election and swearing in of the new President, buyers are feeling more certain about the economy. With job growth continuing upward at a record pace in many areas of the nation, decreasing interest rates, and an increase in inventory, home sales projections will increase by 11% in 2025 and by 13% in 2026 from the 4.24 million sales in 2024.
In Douglas County, new listing inventory decreased by (-35.1%) in December to 85 from 131 last month. However, our year-to-date inventory is up (+9.8%) to 1,923 from 1,752 in 2023. We currently have a 4.2 months’ supply of listings available to sell. The total market time is 68 days, which is down slightly over last month when it was 74 days. Year-to-date, the average time is up (+0.6%)
Pending sales in December decreased (-22.9%) to 84 compared to last month when there were 109 new offers written. Pending sales year-to-date increased to 1,362 which is up (+4.4%) from 2023 when they were 1,304. We follow pending sales because it is a good indicator of how many closings we will have in the next 30-60 days.
The average sales price for our area decreased to $351,200 in December 2024 from the previous month when it was $354,500 or (-0.09%). Year-to-date the average sales price is up (+3.2%) to $354,400 compared to December 2023 at $343,400! Comparing 2024 to 2023 through December the median sales price has increased by (+3.1%) from $315,000 to $324,000.
Closed sales in December were 99 which was an increase (+33.8%) from the 74 closings in December 2023 and decreased (-8.3%) from the 108 closings in November 2024. The year-to-date closings are up slightly in 2024 compared to 2023 from 1,284 to 1,356 (+5.6%). Even though the number of closings is only up slightly, at least, they are positive.
Year-to-date the average sales price by area continues to rise in some of the areas within Douglas County. Here is an overview of neighborhoods and cities from the highest average sales price to the lowest: 1-NW Roseburg (Garden Valley and Hucrest areas at $524,400 (+10.1); 2-Glide at $551,200 (because of N. Umpqua River and large ranches) (+16.1%); 3-SW Roseburg (Westside and Melrose) $442,900 (-2.0%); 4- Winston area $352,200 (+10.4); 5- Sutherlin/Oakland at $342,600(-2.6%); 6-NE Roseburg (college area) at $319,300 (+17.6%); 7-North Douglas (Drain and Yoncalla area) at $312,800 (-2.0%); 8-SE Roseburg (downtown ect) $309,800 (+8.8%); 9- Green District $291,200 (-0.8%) and Myrtle Creek (south) at $287,600 (-4.4%). As you can see, there are areas that have had a decrease in home values depending on what area you want to live in.
I would encourage you to think about volunteering your time and talents to what you feel is your passion or finding agencies that need help. REMEMBER, TO MAKE OUR COMMUNTIY BETTER, YOU NEED TO BE INVOLVED. (SHARE YOUR TIME AND TALENTS). Also, please keep all our Armed Forces men and women who are serving, our First Responders, and Veterans in your thoughts and prayers for remember our “FREEDOMS ARE NOT FREE!” GOD BLESS THEM AND GOD BLESS AMERICA!
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