Greetings:
Good news for our local economy! Roseburg Forest Company announced a $700,000,000 investment into its Dillard Lumber plant to rebuild and modernize the facility. This facility will be a state-of-the-art operation, will help Roseburg Lumber to be more competitive, and will employ 120 new employees. Umpqua Community College recently announced that it recently purchased 3 downtown buildings in hopes of housing over 100 students to meet the needs of their growing student body. The students will help energize the downtown area by eating, shopping, and working downtown. Lastly, a new $100 million State Veterans home was announced to be built on the VA campus for housing our veterans, which is desperately needed. As the Veteran population continues to age, medical and housing care are critical for their wellbeing. These projects will add a huge infusion of capital dollars into our economy. They will provide much-needed jobs, housing, and the infrastructure that our local business community needs.
CONGRATULATIONS TO OUR DESERVING TEACHERS! The Neil Company Real Estate resumed our ‘Golden Apple Awards Reception’ at the Country Club, after a 3-year hiatus where we greeted and honored our local teachers for their achievements in the classroom. This was our 15th annual “Excellence in Education” ceremony and over the years we have awarded some 430 “Golden Apples.” Teachers not only work hard to transform our kids, but they help them achieve their life dreams.
THE REAL ESTATE MARKET IN OUR AREA CONTINUES TO REMAIN STRONG, EVEN THOUGH THERE ARE SOME SIGNS OF IT WEAKENING. IF YOU WANT TO TAKE ADVANTAGE OF OUR CONINTUED POSTIVE APPRECIATION RATE, GIVE US A CALL! OUR HOUSING DEMAND CONTINUES TO OUTPACE THE SUPPLY.
In our local real estate market, the average sales price through March has decreased (-8.7%) from $352,400 in 2022 to $321,700 in 2023. In the same comparison, the median sales price has decreased (-6.5%) from $320,000 in 2022 to $299,300 in 2023. It has been some time, that the median price dropped below $300,000.
Residential trends are rising comparing March 2023 with February 2023. New listings are up (+16.4%) to 128 v. 110. However, year-to-date, new listings are down (-21.2%) 364 in 2023 v. 462 in 2022. Currently, there is a 2.8-month supply of listings on the market to sell, which is down from February at 3.3 months. In other words, if we did not take another listing it would take us some 3 months to sell our current inventory.
For our area, closed sales increased (+6.5%) in March 2023 to 99 from February 2023 when there were 93. However, our year-to-date closed sales in March, our are down (-26.9%) with 337 in 2022 v. 282 in 2023. Even though year-to-date closed sales decreased, at least they are trending in the right direction from month-to-month.
Our real estate market continues to mirror the national market with tight inventory, fluctuating interest rates, and high prices. Prices are adjusting, and we are encouraged by more housing starts in our community. I feel that 2023 will be a year of change and adjustment but we will come out of it stronger.
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. Their service and sacrifice keep us safe and free.
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