Greetings:
With the election over, the housing market still faces some challenges, especially for the buyers, both in the state of Oregon and Nationwide. Higher interest rates, less inventory, and affordability issues still plague the housing market. The fact is home sales have slowed, but we are not in store for a crash. Nationwide home prices continue to be reflected by region. The Southwest, Northwest, and East Coast continue to see prices increase while other parts of the US are witnessing slight price decreases.
In Oregon the average home value was $506,200 which is up +0.7% over the past year and goes pending within 38 days. However, cities such as Grants Pass, Lake Oswego, Coos Bay, and Beaverton have seen double digit increases in home prices. There are over 18,640 homes for sale in Oregon which is up +13.1% over last year. We are still in a sellers’ market in most areas of the state, but the market is softening with less offers written and fewer multiple offers.
Let’s face it: The Oregon housing market isn’t the screaming frenzy it was a few years ago. September 2024 data from REDFIN shows a slight dip of 2.2% which is not a collapse, but it is a slowdown. The Oregon housing market appears to be settling into a more sustainable pace. We will continue to see price differences in the various parts of the state depending on where you live.
In Douglas County, new listing inventory decreased by (-10.2%) in October to 141 from the 157 last month. However, our year-to-date inventory is up (+8.7%) to 1,698 from 1,562 in 2023. We normally see listing inventory decrease, because we are now entering into school months and activity slows down in the fall when families begin to settle in. Spring and summer remain our strongest months for new listings followed by fall and winter. We currently have a 3.8 months’ supply of listings available to sell. The total market time is 75 days, which is up slightly over last month when it was 73 days. Year-to-date the average time is up (+2.2%)
Pending sales in October decreased (-25.5%) to 111 compared to last month when there were 149 offers written. Pending sales year-to-date increased to 1,205 which is up (+5.0%) from 2023. We follow pending sales because it is a good indicator of how many closings we will have in the next 30-60 days. In October 2024 closed sales were at 119 and decreased (-1.7%) from the 121 closed in September. So far, the year-to-date closings for 2024 compared to 2023 are up slightly (+2.9%) to 1,141 from 1,109.
The average sales price for our area increased to $354,400 in October 2024 from the previous month when it was $354,200 or (+0.1%). Year-to-date the average sales price is up (+3.4%) $354,300 compared to October 2023! Comparing 2024 to 2023 through October, the median sales price has increased by (+3.2%) from $315,000 to $325,000.
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. I often find that volunteering gives you meaning and self-worth plus it helps our local community thrive and prosper. Again, keep all our Armed Forces men and women, 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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