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ENLARGE
Pending home sales have seen an increase in Douglas County recently, as illustrated by a home shown Friday off Northeast Rocky Ridge Drive in Roseburg.
Home sales in Douglas County increased slightly in September, with the 102 pending sales during the month representing 14 percent of the total for the year.
The number of pending sales rose by 12 from August, according to Market Action, a publication of the Regional Multiple Listing Service. Closed sales also increased, from 71 in August to 81 in September.
“Obviously, the $8,000 tax credit for first-time home buyers and low interest rates have helped considerably,” said Neil Hummel, owner of Century 21-The Neil Company Real Estate in Roseburg.
Pending sales were up 20 percent compared to September 2008, when 85 sales were being finalized. Closed sales dipped slightly, with 84 finished in that month a year earlier.
For the year, 600 homes have been sold, compared to 665 through September 2008. Pending sales have totaled 708 this year, compared to 717 at this point last year.
The average price for a home sold in September was $147,000, down $32,000 from a year earlier. The decrease was even more dramatic compared with August, when the average sales price was $195,900.
The median price, where half sold for more and half sold for less, was $130,000 in September. For the same month a year earlier, it was $170,000. The median price was $162,500 in August.
“I advise my sellers to take a look at the comparable sales in their neighborhood and price their home 15 percent to 20 percent below the competition and they will more than likely generate an offer sooner than if they price it with the competition,” Hummel said.
The average home sold this year had been on the market for 177 days — nearly six months. That's 17 days more than for the homes sold last year.
New listings fell nearly 14 percent in September. There were 184 listings that month, compared to 213 in August. However, the total was 12 more than what was added to the market in September 2008.
At September's rate of sales, the 1,240 active residential listings would last about 15.3 months. That's down nearly 50 percent from the 30.3-month inventory in January.
“That is good news: Either sellers are deciding to rent their properties or they are taking them off the market waiting for things to improve,” Hummel said.
Still, Hummel said he does not believe the real estate market in Douglas County has hit bottom. An oversupply of available homes, a lack of qualified buyers and concerns about the local economy still dog the market, he said.
“I think we may see a slight uptick in the local economy in the spring of 2010 and full recovery in 2012,” meaning that unemployment in the county will decrease to under 10 percent, he said.
Sales prices have been highest this year in Glide and in the area east of Roseburg. The average price on the 15 closed and 21 pending sales has been $250,500. The median price has been $225,000. Second was northwest Roseburg, where 54 closed sales and 61 pending sales have brought an average price of $229,400 and a median price of $212,800.
The Green District yielded the lowest prices. The average price for 60 closed sales and 73 pending ones is $127,400. The median price is $140,600. The next lowest was north Douglas County, where 79 closed sales and 98 pending sales brought an average price of $131,200 and a median price of $120,000.
• You can reach reporter John Sowell at 957-4209 or by e-mail at jsowell@nrtoday.com.
The number of pending sales rose by 12 from August, according to Market Action, a publication of the Regional Multiple Listing Service. Closed sales also increased, from 71 in August to 81 in September.
“Obviously, the $8,000 tax credit for first-time home buyers and low interest rates have helped considerably,” said Neil Hummel, owner of Century 21-The Neil Company Real Estate in Roseburg.
Pending sales were up 20 percent compared to September 2008, when 85 sales were being finalized. Closed sales dipped slightly, with 84 finished in that month a year earlier.
For the year, 600 homes have been sold, compared to 665 through September 2008. Pending sales have totaled 708 this year, compared to 717 at this point last year.
The average price for a home sold in September was $147,000, down $32,000 from a year earlier. The decrease was even more dramatic compared with August, when the average sales price was $195,900.
The median price, where half sold for more and half sold for less, was $130,000 in September. For the same month a year earlier, it was $170,000. The median price was $162,500 in August.
“I advise my sellers to take a look at the comparable sales in their neighborhood and price their home 15 percent to 20 percent below the competition and they will more than likely generate an offer sooner than if they price it with the competition,” Hummel said.
The average home sold this year had been on the market for 177 days — nearly six months. That's 17 days more than for the homes sold last year.
New listings fell nearly 14 percent in September. There were 184 listings that month, compared to 213 in August. However, the total was 12 more than what was added to the market in September 2008.
At September's rate of sales, the 1,240 active residential listings would last about 15.3 months. That's down nearly 50 percent from the 30.3-month inventory in January.
“That is good news: Either sellers are deciding to rent their properties or they are taking them off the market waiting for things to improve,” Hummel said.
Still, Hummel said he does not believe the real estate market in Douglas County has hit bottom. An oversupply of available homes, a lack of qualified buyers and concerns about the local economy still dog the market, he said.
“I think we may see a slight uptick in the local economy in the spring of 2010 and full recovery in 2012,” meaning that unemployment in the county will decrease to under 10 percent, he said.
Sales prices have been highest this year in Glide and in the area east of Roseburg. The average price on the 15 closed and 21 pending sales has been $250,500. The median price has been $225,000. Second was northwest Roseburg, where 54 closed sales and 61 pending sales have brought an average price of $229,400 and a median price of $212,800.
The Green District yielded the lowest prices. The average price for 60 closed sales and 73 pending ones is $127,400. The median price is $140,600. The next lowest was north Douglas County, where 79 closed sales and 98 pending sales brought an average price of $131,200 and a median price of $120,000.
• You can reach reporter John Sowell at 957-4209 or by e-mail at jsowell@nrtoday.com.
