Greetings:
NAR Chief Economist, Lawrence Yun, forecasts that 4.71 million existing home sales will be sold in 2024. Yun predicts, home sales will rise in 2024 by 13.5% compared to 2023 and median price will reach $389,500 an increase of 0.9% from 2023. He also predicts over 1.48 million housing starts in 2024, including 1.04 million single-family homes and 440,000 multi-family. Being an election year, the economy always heats up because many consumers are hoping for the results they feel good about. Consumers are very optimistic right now, particularly in the south where the economy is growing faster than any other region.
In March 2024 Oregon year-to-date housing prices were up +2.3% compared to last year, selling for a median price of $499,100 compared to Douglas County at $352,100. The areas that saw double digit increases in the price of homes compared to last year were Redmond +16.9%, West Linn +15.2% and Lake Oswego +13.8%. On average the number of homes sold statewide went down 8.9%. Many ask us, “where do our buyers come from?” Other parts of Oregon, California, the mid-west, and southern region of the US. Many relocate here because of our mild weather, jobs, family, medical facilities, recreation, and lower home prices. Oregon is experiencing a shortage of affordable housing, in fact, many feel it is a crisis. There is a need statewide for over 36,000 units, according to the Governor’s office. The Governor has signed several housing bills that will give local governments more flexibility in meeting the needs for housing. In Roseburg, the city is proposing to swap approximately 290 acres of land that is now currently in the Urban Growth Boundary that is not suitable for development for 220 acres of land in the Hucrest area that can be more easily developed and provide over 1000 new homes which can be built over the next 20 years.
Over the next several months, the city is asking for Roseburg citizens to comment on how they would like to see the city grow. If you feel strongly about what measures the city needs to adopt and enact, please contact the City of Roseburg, and get involved. They need to hear from the citizens regarding this important issue because what is done with the UGB will set the course regarding growth and how it will occur for the next 20 years within the city.
Our listing inventory in the month of March at (139) increased by +8.6% from (128) in March 2023. Listings decreased slightly -1.4% from last month at (141) to (139). Although we saw a decrease from last month, the trend is upward over last year in terms of more homes on the market for the buyer. There is a 2.8-month supply of listings on the market available which is down from 3.9 last month.
Our market slowed in March 2024 with pending sales decreasing to (111) down -11.9% from (126) in March 2023. Pending sales also decreased -20.7% from last month at (140) offers accepted. We follow pending sales because it is a good indicator of how many closings will occur in the next 30-60 days. In March 2024 closed sales at (113) increased by (+14.1%) from the (99) closings in March 2023. When you compare these (113) closings in March to February 2024 (75) closings grew by +50.7%.
Comparing 2024 to 2023 through March of this year the average sale price has increased (+9.4%) from $321,700 to $352,100 in 2024. In the same comparison, the median sale price has increased (+9.8) from $299,300 to $328,700.
I would encourage you to think about volunteering your time and talents for whatever you feel passionate about or find agencies that need help. I often find that volunteering gives meaning and self-worth plus it helps our local community thrive and prosper. Again, keep all our Veterans in your thoughts and prayers for remember our “FREEDOMS ARE NOT FREE!” GOD BLESS THEM AND GOD BLESS AMERICA!
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