Inventory Finally Rising - More Houses!

Real Estate Inventory Finally Rising 

Full Video Transcript Below

Inventory Increases

[00:00:00] My real estate fans, Alice Lema here, broker, John L Scott, beautiful Southern Oregon. And today the podcast topic is supply. And I want to give you a little bit of good news that realtor. com put out a report showing that we have 30 percent more real estate homes to choose from this spring than we did this time last year, and you can really feel it.

We still don't have enough inventory to meet the demand for all the buyers, but it's definitely better than it was. And it's showing up in the national reports. And in Southern Oregon, but we're going to do national first and then do a deep dive into Southern Oregon.

So I want to show you this chart. This is from realtor. com and from 2017 to 2024. There's quite a lot of volatility in the supply department, but you can see 2024 is definitely up from 2023 and that's what we need. But it's up a little over 30 percent according to realtor. [00:01:00] com. So with that said, let's talk about our local statistics.

So we're starting to see a little bit of leveling off in our week to week statistics. I have an ongoing pod separate podcast called market statistics, and just wanted to point out that this last week, ending in May 13, and you can listen to the whole thing if you want. But I just want to point out that our listings were up in all three counties over 10% year over year from from Jackson County, which was at 15 percent in listings, Josephine County was at 14 percent in listings, and Klamath County was up in 13 percent in listings. Now, we still have volatility in the prices and we still have volatility in the number of solds, but it's a upward spiral when you get more listings, then it inspires people to not only buy, but it also inspires people to sell, [00:02:00] because part of the problem we're having for a variety of reasons is sellers have been dragging their feet to put their homes on the market.

Now some of it has to do with aging more gracefully, we're healthier longer. And so that's delaying me when a lot of people would normally sell. But right now, a lot of my sellers will put their house on the markets. They don't have a house to go to. And now that we have more inventory, it, it's just kind of, like I said, it's an upward spiral and it's making everything easier. Just wanted to point out that.

The increase in number of listings in all three of our Southern Oregon counties. That's two weeks in a row. So we could be at the beginning of a trend. It's always nice to get some validation from the national market. Southern Oregon typically is its own little bubble. We frequently outperform the national market, not always, but frequently, and that has to do with being what we call a destination location. People want to live here. We have [00:03:00] beautiful outdoor life. We have what we consider adequate urban services. We've got the two great hospitals plus the international airport, but we still feel like a small town.

And so that is super attractive to a lot of us. A lot of us won't leave. And then we also have people coming in because they want to live here too. But it's so nice to see that we have the beginning of a trend of more inventory. So there is a little sweet spot, right? Happening right now.

So let me leave you with this thought buyers. The market is still soft, not terrible, but it's still a little bit soft and we're frequently getting more concessions from sellers. The prices are a little bit better, but it's mostly we're getting help with either keeping the fridge or the washer and dryer. Or getting some help with closing costs buying down interest rates stuff like that.

So, we don't know how long it's gonna last because the prices start going up again, then the sellers have more of the force. [00:04:00] They have more market force. So right now the market forces are a little bit more balanced only because we get, we have more inventory and the, the high interest rates have dampened the market and, and the sellers have noticed. So it takes time for all this to cycle through markets, but the sellers are behaving appropriately now price wise. And also if they really do want to move, then they're, they're cooperating with helping with concessions.

So having said that, let's shift to sellers. So sellers, some, some of you are waiting until we have another spike or some extreme price increase. So that's more what we call speculative selling. That's, you know, if I, if I can make X number of dollars, I'll sell my house. And that's all, that's all well and good. But if you really have a life change, this is not a bad time to go because you don't have as much competition as you will in a more normal market, and we really don't know what the world's going to be like [00:05:00] anymore.

Right? So my advice consistently always is if you have a life goal, and it involves your real estate, then do what's best for you and your family now, at the time, whatever time makes sense, and just make the best of the market. You can always call and text me. I am super in tune with the market gyrations.

This is my bag. I, I just live and breathe this stuff and study it endlessly. So we can always do a transaction regardless of what kind of a market we're in. So sellers just keep that in mind. It's not a bad time. You don't have tons and tons of competition. You will probably be asked for closing costs. Or some help with buying down an interest rate. But at the same time, if you have enough equity, what's the big woo, it might cost you a few thousand more dollars, but you'll get to do whatever your next step is.

So I want to be your agent. I'm a great listing agent, great buyer's agent, great with investments great [00:06:00] with first time. Homebuyers also great with people who are downsizing or upsizing and rural property, love real property, love Riverfront. So give me a call. Give me a text 541 301 7980. And let's talk about what we're going to do with your real estate life. Okay. Have a great weekend. We'll see you next time. Bye now.

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