May real estate sales in Douglas County were another mixed bag. Closed sales continued their upward trajectory and were down only about 10% to prior year, which is an improvement. Average sale prices dropped nearly 30%, however, reflecting activity at the low end of the market. The areas with the highest number of closed sales were Sutherlin, Myrtle Creek and the Green District.
Pending sales were actually at the same level as May 2008. New listings are down from 268 in May of last year to 207. Currently there are 1,219 active residential listings, which at the current sales pace gives us an inventory of 16.7 months, near last years’16 months.
Inventory in months has been steadily declining since January. It will be interesting to watch the June numbers as we cycle several heavy inventory months in the summer of 2008.
I am hearing about increased foreclosure activity and the lower prices of foreclosed homes appears to be putting some downward pressure on the prices of comparable homes.
