So what happened in the real estate market in June? Hey, it’s Troy, and we’re camping at the coast for a couple of days but I wanted to shoot a real quick video and give you a quick Roseburg Oregon real estate market update.
The latest market stats just came out for the month of June. I’ll explain what happened in real estate in Roseburg Oregon, what we’re seeing, and how the real estate market is trending in Douglas County OR.
Real Estate Market Update For June 2022
Here’s what happened in Roseburg OR over the month of June.
- New Residential Listings: 231 (same as June 2021) bringing the total to 355 in the county.
- Pending Sales: 141 homes went pending (201 in June 2021)
- Sold: 152 homes closed.
- Residential Listing Inventory: 2.8 months (up from 1.8 last in May)
Breaking Down The Real Estate Market Trends…
So what does the Roseburg Oregon real estate market data show us? It shows us that we’re starting to see more homes listed than homes going pending or sold.
We have been in an incredible seller’s market for several years and homes have been selling as quickly as they hit the market, keeping inventory at all-time lows. We’re just starting to see a little slow down in the buyer craze… ever so slightly, but it’s there. Just something to watch and see how this trend develops.
We just might be at the beginning of a market cool-off, both nationally and locally. However, no real estate market expert predicts a replay of 2008-2009, so it’s definitely not time for panic. Here’s the thing, we’re still in a pretty serious housing shortage, partly because of the lack of new housing starts over the past decade or so.
Bottom line, it’s going to be a while before we start seeing the listing inventory level build to a point that it really balances out the real estate market. Although there was the same number of homes listed as last June (2021), pending sales dropped by almost 30%, which caused a slight increase in the residential monthly inventory level.
What’s This Mean For Homebuyers?
So all those numbers are fine and all, but what’s it mean to you, specifically if you’re in the market to buy a house? Well, if you’re buying a house, it might mean that you’re going to have a little more “buyer-friendly” market to deal with. There might be a tad less competition, but don’t take that the wrong way…
With low inventory, it’s still going to remain pretty competitive, at least for a while. It’s going to take some time before we get back to a balanced real estate market in Roseburg Oregon, but it might be a little bit more buyer friendly.
What’s This Mean For Sellers?
What’s that mean to you as a seller? It means that things might start looking a little more “normal” in the Roseburg Oregon real estate market… You might have to be a little more competitive and think about your pricing strategy. It wouldn’t surprise me to start seeing more negotiation on price and fewer multiple offer situations.
We might even start seeing sellers offer buyer incentives again like covering the buyer’s closing costs or including a home warranty… not a trainwreck of a market… just more of a normal real estate market.
- If you are planning on selling in the next 6-12 months, pricing your home correctly is going to be very important.
- If your home is on the market now… and you’ve been listed for longer than 15 days… and you’re not yet pending… you might want to consider adjusting the price in order to avoid larger price adjustments that might be required in the future.
We are seeing more price reductions roll through (17 in the past 7 days) so it’s definitely another trend to watch. It’s not a good strategy to wing it, but being prepared for the market before you enter it is a wise thing to do.
What’s Next?
These are important things to consider whether you’re preparing to buy a house or list your house for sale. Make sure your real estate agent has a solid grasp of what the Roseburg Oregon real estate market is doing. Got questions? I’m never too busy to help.