So it’s December 9th and I have a new Douglas County OR real estate market update for you. this is for the month of November 2022. Interested in how the market is trending? Wondering if the real estate market is trending toward a buyer’s market or a seller’s market? I share all that plus some detailed insight into today’s Douglas County OR real estate market.
Douglas County OR Real Estate Inventory Level
We are currently sitting on 4 months of residential listing inventory. This is the highest level we’ve had in Douglas County OR since pre-pandemic days… prior to 2018-2019. According to past market data, the highest residential listing inventory we’ve had in the county was 3.6 months in January 2020.
Listing inventory was in a steady decline ever since, hanging at under 2 months until a slow, noticeable and steady increase starting in about June 2022 when we started seeing the inventory levels creep back up a little.
Although we’re still “technically” in a seller’s market, it is starting to look and feel more like a buyer’s market every day. I can see by these trends that we are, in fact, trending toward a buyer’s market so keep an eye on that, especially if you’re thinking about selling your home.
What’s that mean? It means the Douglas County OR real estate market is becoming more “buyer-friendly.” Buyers are definitely moving over to the driver’s seat in comparison to where they were before.
We’re seeing sellers start to become a tad more motivated and a little more apt to reduce the price of their homes, negotiate the price, give some credits, and do a few things that they didn’t have to do over the past couple of years. They are not at “fire sale” motivation levels yet, so please don’t misunderstand what I am saying… more seller motivation doesn’t automatically mean they are distressed.
Douglas County OR Real Estate Market Numbers
What we saw in November (and we’re continuing to see) is a downward trend of new listings, pending sales, and closed sales. The numbers look like this for this Nov. vs. last Nov.
- New Listings: 112 vs. 153 last November. Down 26.8%.
- Pending: 93 vs. 143 last November. Down 35%.
- Closed Sales: 92 vs. 157 last November. Down 41.4%
- Average Selling Price (November only): $335,900
Why Is Inventory Up If There Are Fewer Listings vs. Last Year?
Why do we have a higher monthly listing inventory in Douglas County OR if the number of new listings hitting the market is down almost 30%? That’s a great question because it seems backward.
To answer that we need to look at all the numbers, new listings, pending sales, and closed transactions. There were only 112 residential listings added to the Douglas County OR real estate market in November, but because pending (93) and closed (92) were down so dramatically, it threw us into an inventory increase.
The decrease in pending sales and closings was more than the decrease in new listings hitting the market so that’s why we’re seeing the residential listing inventory creep up in Douglas County. This causes a change that is noticeable, measurable, and definitely, something that changes the dynamics of the real estate market for sure.
The average selling price of a home in Douglas County Oregon in November was $335,900.
Other D.C. Oregon Real Estate Market Stats That Matter
Here are some other Douglas County OR real estate market stats that matter. Time on the market and year-over-year sale price comparison. Here’s how that looks (past 12 mo. data)
- Average Time On Market: 43 days – list-to-sale.
- Average Selling Price: $358,000. Up 12.3%.
The time on the market in Douglas County OR is now averaging about 43 days (list to sale), which is a little longer than it has been. So, going pending with multiple offers in a week or two is probably not likely right now. The average time on the market is for all price ranges in Douglas County.
So, if you’re looking at homes and come across a home that has been on the market for 25-30 days, it doesn’t necessarily mean there’s something wrong with the house, it doesn’t automatically mean it is a lemon, failed an inspection or that it’s overpriced. It could just mean that the days on the market are increasing and it’s still under the average.
The bottom line is you won’t know if it’s sitting on the market because of normal market conditions or if there is a problem until you go ask an agent or go see the house for yourself.
First 11 Months Of 2022 VS. The Same Time Period Of 2021?
So how do the year-to-date market statistics look for the first 11 months of 2022 with the same period of time in 2021? Here’s a snapshot of the 11-month year-to-date comparison.
- New Listings: 1946. Down 9%.
- Pending Sales: 1400. Down 18.1%
- Closed Sales: 1449. Down 12.6%
As you can see, the market is trending down, but homes are still moving if they are priced and marketed correctly. Now let’s take a look at the 12-month change in the average selling price of a home in Douglas County OR.
So the average selling price of homes right now is up 12.3% over the previous 12-month average. The average home is selling for $358,000 vs. $318,800 over the previous 12-month time frame.
This is somewhat interesting… we’re appreciating even with the price reductions, seller motivation, and cooling trends.
What Does This Mean To You’re Wanting To Sell Your House?
If you’re thinking about entering the seller’s market, it is so important for you to have a plan together to work with a Douglas County OR real estate professional that has been through some of the transitioning markets that we’ve had over the years.
Past market shifts will give your broker the experience he/she needs to really know how to handle your home listing, market your home, and get it in front of the right buyers. This is a big one because I really think we’re going into a different kind of market than many agents are used to.
Selling in a shifting or a shifted market takes more time and attention, and it certainly takes more legwork, that’s just the nature of the market. Partnering with the right real estate broker will help you achieve your goals with less stress and hassle.
My advice? Don’t settle for the first real estate broker you talk to and don’t choose an agent just because they are best friends with your aunt. Do your due diligence and interview agents, and when you do, make sure you’re asking the tough questions.
What Does This Mean To You Want To Buy A House?
If you’re a buyer and you’re entering this market, know this… the Douglas County real estate market is getting more “buyer friendly,” but it’s important that you have all your ducks in a row. Take care of as much preparation up front as you can, things like talking with the lender to get pre-approved for a mortgage, knowing your budget, and making sure you’re secure in your employment.
Do these things and you can hit the buying market running and be ready to make a solid offer when the right home comes up. It’s okay to be a little bit more scrutinous these days, and don’t be afraid to ask for more than you would have a year ago.
We are actually starting to see more seller credits and concessions come up. Sellers are starting to accept the fact that they may have to pay some of the buyer’s closing costs or negotiate the price. This is another sign that the Douglas County real estate market is trending toward a buyer’s market.
Sometimes sellers are willing to “give” a little more when the market starts to transition like it currently is.
Bottom Line
Regardless if you’re buying or selling, it is important to know the trends and have an understanding of the current market conditions before jumping in as a buyer or seller. It is also important that you’re working with the right real estate broker.
If you have questions about the market, what it’s doing, or what buying or selling looks like to you in this market, give me a call or shoot me a Direct Message. I’d be happy to talk with you about that.
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