From: Neil Hummel, Century 21
Greetings: August 19, 2010
WOW! Did our American Legion team do us proud? They placed 3rd in the nation in the American Legion World Series. That is the highest finish of any team that has gone to the World Series. I am so proud of those boys and all they were able to accomplish. We needed something positive to rally around to give us something to speak of that is good and wholesome. With all the horrific events that have occurred in our community this past year, we needed this event. Be sure and thank the kids when you see them in the community and let them know how much you appreciate their achievements.
Also, on another note, COSTCO opened their doors on August 12th, with over 5000 customers coming through the door. It was one of the largest “Grand Openings” the company has witnessed for a town our size. The store was welcomed with open arms and a big boost to our economy with over 300 local people employed by them.
Our community suffered another economic blow when Alcan, a large international cable company decided to close its doors at the end of this year. They at one time employed over 350+ employees and had to close because of the hard economic conditions world wide. We all are devastated by their decision to close and leave our area. Also, The Swanson Timber Company announced that they are closing their Glendale mill and cutting back on production at their Roseburg mill as well. This will have a severe impact on our community because those are high paying jobs that we are losing.
Our July residential highlights ended on a positive note when comparing July 2009 with this July for closed increased +2.5%. However, pending sales were down -14% and new listings dropped -11.9%. Our inventory has increased to 16.3 months up from 14.1 months just a month ago and up from 15.8 months a year ago. When comparing June 2010 to July closed sales fell -10.9% (82v.92). Pending sales decreased -7.5% (86v.93) and new listings were down -16.2% (207v.247).
Our average sales prices are still decreasing. In fact, comparing 2009 to July 2010 the average sales price decreased by -11.4% to ($148,400v.$167,500). However, when you compare June 2010 to July 2010 the average sales price increased by +0.5% ( $148,400 v. $147,600.) The total market time in 2010 is down by 6 days from 187 in 2009 to 181 days in 2010. Our real estate market continues to suffer and I don’t see any bottoming out soon. I feel that 2011 is going to present the toughest economic time we have see yet. We still have many properties coming on the market and our foreclosure rates continue to climb. (up +23% statewide.) Many of our sellers are participating in the selling process, with buyer incentives, fixing up their properties to ensure a faster sale and offering seller financing when possible. During times such as these, sellers have to realize that the proper pricing of their properties is the most important element in the marketing process.
Enjoy the rest of your summer and I hope you are like me ready to , “Bring on the Football Season!” GO DUCKS!
