Greetings:
The Oregon housing market continues to be tight in terms of supply and our demand continues to be high. With limited supply, we still find ourselves in a sellers’ market. In January 2024, home prices rose 3.4% in Oregon with the average sales price in the state of Oregon at $482,800. With the continued pressure from lack of housing, the recent legislative session passed SB 1537 and 1530 along with House bill 4134, which will appropriate $376 million toward boosting housing production, funding for infrastructure and land acquisition, and support for renters. Being the most comprehensive housing bill ever, it will help boost the housing production goal of over 36,000.
The city of Sutherlin, recognizing the need for housing, created a Workforce Housing and Homelessness Task Force that will help create affordable housing and deal with the issue of homelessness. The News Review reported, “The city announced that it is purchasing a 10-acre site to build a community of homes, called Oak Street Commons. Roughly 3 dozen homes will be offered at various price points. It will also consist of town homes, single family homes and cottages.” The city received a $2.85 million grant to help pay for the project. I am impressed by Sutherlin and wish them success for this step in the right direction.
The increase in inventory in Douglas County does not match the national trends. Our listing inventory in the month of February of (141) increased by +28.2% from (110) in February 2023. Listings also increased +29.4% from (109) last month to (141). This upward trend means more homes to choose from for the buyer. There is a 3.9-month supply of listings available on the market, which is the same as last month.
Our market was very active in February with pending sales increasing to (140), up by +33.3% up from (105) of February 2023. Also, pending sales increased by +40% over January 2024 from (100) to (140). We follow pending sales because it is a good indication of how many sales will close soon.
In February, closed sales of (75) decreased -6.3% from the (80) closings last month. Comparing the first 2 months of 2024, to the same period in 2023, new listings (252) increased +7.7%, pending sales (233) increased +5.4%, and closed sales (157) decreased -12.3%.
Comparing year-to-date through February the average sale price has increased (+12.9%) from $316,400 in 2023 to $357,300 in 2024. In the same comparison, the median sale price has increased (+9.7) from $293,500 to $322,000.
Douglas County has received great news! The News Review reported that, “Oregon will provide $35 million in matching funds for a Veterans Home to be in Roseburg!” State Senator Brock Smith, who championed the efforts along with many community and veteran members, worked hard to make this happen. We are truly grateful for those that worked on this project to ensure that an Oregon Veterans’ home will be built on the grounds of our VA Hospital. It is projected to be a 154 veteran patient facility. The legislation paves the way for a matching $65 million funding from the Federal Government which Senators Merkley and Wyden already support. This $100 million dollar project will have a huge economic impact on our community by providing construction jobs and long- term health care providers.
Again, keep all our Veterans current and past, in your thoughts and prayers for remember our “FREEDOMS ARE NOT FREE!” GOD BLESS THEM AND GOD BLESS AMERICA!
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