Greetings:
Existing home sales dropped 2.2% nationally to an adjusted annual rate of 4.07 million sales. However, the Western United States continues to increase in sales while the Northeast, Midwest, and South registered declines. As the population ages, people are seeking out areas that have mild weather and affordability in home prices. Real Estate sales in Oregon remain steady; although, there are some areas where the market has slowed. Douglas County has been identified as one of the areas in Oregon that will see continued growth. It comes down to affordability issues. The average sales price in Oregon is $496,690 vs $340,000+ in Douglas County. Our area continues to be a very desirable place to live.
Ultimately, whether the Oregon housing market crashes or not will depend on a complex interplay of factors, including the strength of the economy, supply and demand dynamics, and interest rates. Even though we have seen a slight slowdown in real estate sales, many people choose to live here because of our natural beauty, job opportunities, and quality of life. Overall prospects for Oregon real estate sales will continue to be solid. Our largest job growth sectors in Douglas County will continue to hire because of the growth of our population. Umpqua Community College just announced that it is adding several courses to help our students meet the job needs of our local community.
In our local real estate market, comparing 2023 to 2022 through August, the average sales price has decreased (-4.2%) from $359,800 to $344,700. In the same comparison, the median sales price has decreased (-3.1%) from $325,000 to $315,000 in 2023. As we compared July 2023 to August 2023 home values have decreased from $350,100 to $340,600 (-2.7%). We are seeing a decrease in values because prices are adjusting to market conditions.
New listings for the month of August were 167, which is down from 179 in July of 2023. Year-to-date there are 1,256 new listings, which is down by (-16.2%) from last year when they were 1,498. Currently, there is a 3.1-month supply of listings on the market to sell. There were 27 houses sold last month in the $200,000 to $300,000 price range, 36 sold in the $300,000 to $400,000 price range, and 18 homes sold in the $500,000 to $1,000,000 price range.
Our closed sales increased in August 2023 to 128 compared to July 2023 at 127 (+0.8%). However, comparing year-to-date 2022 to 2023 our closed sales are down (-18.0%) 904 v 1,102. The real estate market continues to evolve. Some areas continue to see increases in value. The average sales price for the month of August in NW Roseburg was $547,200 and $378,200 in SW Roseburg. Both areas saw an increase in the 12-month average sales price of 7.3% and 12.2% respectively. It’s important to note that these areas not only have higher average priced homes but many of these homes are on the river or have large acreages.
Please keep all the men and women that are serving in the military, health care workers, and our first responders along with their families in your thoughts and prayers.
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