Housing Forecast 2nd Half 2022

Full Video Transcript Below

Housing Market Forecast 2nd Half 2022

[00:00:00] Well, good morning, real estate fans, Alice Lema here, broker John Scott with another edition of the weekly podcast. Today, we're gonna talk about some projections for the rest of 2022, but we're gonna talk about inventory and prices and what's gonna happen possibly in Southern Oregon for the next year or so.

You know, here we are. Just passed second quarter, 2022. So everybody's readjusting their projections and you know, we might be in for some opportunities we might be in for some hard times. So we're gonna talk about all those possibilities here in the meantime. Give us a, like, please subscribe to the channel, share with your friends. As always you can text or call me personally 541-301-7980. I'm around all weekend to help you with your real estate needs.

Okay, let's talk about what's happening for the rest of 2022. Will it be good or will it be bad? So one of the things we wanna mention is we have an updated forecast for inventory. We're [00:01:00] looking at nationally to have 15% more houses available on the market than we did last year.

But I wanna point out that I've got some numbers just from one week, here in Jackson and Josephine county. Now this is just gonna be residential so that's single family houses only. That's not land or commercial or mobile home parks, but just single family homes. This one week Jackson county is up. Listings are up 59%. So this time last year Jackson county had 551 active listings. This week, this year, it's 877. So Jackson county has a 59% uptick in active listings.

Josephine county has a 52% uptick in active listings. This time last year, Josephine county had 248 listings and now has 378 listings. So Josephine county has 52% uptick in active listings. The interesting part is [00:02:00] this last week, the sales are down. So. I'm thinking that's probably because of interest rates and also buyers dragging their feet a little. Everybody's nervous.

Everybody's got the jitters, but the number of solds is down. In Jackson county this time, last year we had 104 sales, this week last year. This week in Jackson county, we had 54 sales and that's a minus 48%. So we're down 48% in closings this week from this time last year.

Josephine county, similar numbers, you know, we're kind of tracking each other neck and neck. Josephine county this week, last year is down 41%. So this time last year, Josephine county had 31 sales closed this week, this year, Josephine county at 18.

So Josephine county down 41% in closings and Jackson county down 48 in closings. So kind of interesting, the the tides are turning. We wondered [00:03:00] when this would happen. So we're definitely buoyant in the choices category. If you're selling don't lose heart, just stay on top of your price changes and also count the number of showings and the feedback.

Super important to track all those micro measurements, cuz they add up to whether or not you're gonna get offers and you're gonna get offers that you like. Also you wanna keep your your property pristine. It's gotta smell good. It's gotta look good. The buyers it's not just that they're picky. It's that they're nervous. We're all nervous. This is such a weird world now. So please keep that in mind. If you're buying da da, da, yay. You have choices and you know what? The buyer, the sellers are a little more flexible now to take contingencies where even just 90 days ago, the seller's like, eh, you got a house to sell, next.

Well, now they're going, you got a house to sell. Is it a good house? Is it on the market? Are you getting showings? So the tides are turning. We track this every week, so we'll talk about it again as the summer progresses. But I'm [00:04:00] the one that's been saying that we're gonna have more sales this year than we did last year.

Well, right now it's saying I'm wrong, but just the fact that we have more listings on the market and we still have high demand, I could end up being right. We'll see. I'm okay being wrong, but I don't think so. But that's just, what's going on for this week. So let me know if you've got any questions. If you need any help with your real estate, I'm a great listing agent, great buyers agent, great with investments ,first time home buyers and downsizers, riverfront, rural property. It's all my bag. This is what I do. Also super helpful in the construction, rehab markets. So, you know, if you wanna look at a little fixer upper, I've got some definite opinions, cuz I've got experience in that. Some, the experience I made money, some I lost so valuable either way.

So that's it for this week, have a beautiful Southern Oregon weekend. Hit me up. If you want some help. 541-301-7980. Otherwise hug the ones you love. We'll see you next week. Bye [00:05:00] now.