It's June - What's Your Local Market Doing?

Real Estate Agent with Coldwell Banker Holman Premier Realty

Somehow that opening line reminds me of a movie -- "It's night-time, do you know where your kids are?" or something like that.  LOL!

It's been an interesting month already.  I attended a half-day David Knox seminar in Portland last week on our current market.  As always, he was quick, witty, and full of good information.  Digesting it all takes a little time, but it has encouraged me to plan appointments with all of my sellers and review their desire (i.e. motivation) to sell.  Then, together, tackle the job of getting it done in this market!  It's become clear to me that you have to be more aggressive than even your CMA is telling you in order to get a "SOLD" sign on the property.  Now it'll be getting the seller's to see that as well.

I've been reading NAR's projections for the real estate market, with all signs indicating a pent-up demand for housing, and for mid-to-late summer to pick up.  What concerns me is that Klamath Falls typically runs behind the trends, so we may be looking at more of a pick-up next year.  What is happening in your market?  I'd like to know!

For us, the average days on market is at 131.  Our number of active residential listings has tipped over the 1,000 mark at 1,003!  As of the end of May, our inventory ratio was at an 18.6-month supply.  And, as of the end of May we have sold 214 homes, compared to 480 at this time in 2005.

At the risk of looking grim, May posted the highest number of monthly solds so far this year (51), and our average sales price ($210,396) and median sales price ($165,000) have actually increased.

On that note, I am taking a real estate break this weekend to go canoeing at Rocky Point for my husband's birthday, then having a Father's Day BBQ!

Happy Father's Day to all dad's out there!


Comments (5)

Stacie Robbins
Mammoth Properties - Mammoth Lakes, CA

May was the first time in a while that our market is up from the previous month after many months of down turn.  Units and dollar volume sold is up from the previous month, but our prices are still going down about 2-2.5% per month.  This is up from .5 - 1% last year.

Totally, we're about 25% down from our peak market in late 2005.  Buyers are still waiting on the sidelines trying to time the bottom of the market.  But I have received 3 email leads in the last 2 days from buyers getting more involved in looking for property.

I'm in a resort market and our primary sales are to second home owners for vacation homes or investment property.  The gas prices are really hurting our business because not as many people are driving up from Southern California where most of our buyers come from.

Jun 17, 2008 09:11 AM
Leslie Stewart
Oregon Licensed Broker with Berkshire Hathaway HomeServices Real Estate Professionals - Stayton, OR
Realtor, ABR, CRS, Oregon Licensed Broker

Kim, I am glad I found your post.  I was looking for an agent in Klamath to set up a referral base.  My parents live there and my father and I often discuss what is going on in the market.  I am trying desparately to get them to sell and move back to the canyon but they LOVE it there. 

Our market is 15 miles from Salem.

$100-$225K currently has 14 active listings with 2 sales at 97% of list price.  DOM is 47 and there are 7 months of inventory. 

$225 to $325K has 19 active listings with 2 sales at 95% of list price, 52 DOM and 9.5 months of inventory.

$325 to $425 with 11 active listings no sales.

$425 to $525 with 1 active listing  and no sales

$525+  with 8 active listings, 2 sales this month. 

Jun 18, 2008 04:31 PM
Karl Nettgen
Century 21 Agate Realty - Gold Beach, OR

Hello Kim,


I have contemplated owning a home in kfalls in the Hot springs area...My son goes to OIT.


Are there any hot deals? must have two baths and geo thermal is a big plus.

I also have two ocean view homes in Gold Beach I would consider with partial trade, they are both on acreage and values are 550K each +/-

Jul 12, 2008 08:38 AM
Charlotte Bohner

AFTERNOON,   how did that canoeing  go,  did you get to use a paddle kayak  here in Rocky point.

I am living and working  for Coldwell Banker Rocky Point,  sorry I did not get a chance to meet you,

but would be glad to include you in my referral network.


Jul 12, 2008 10:40 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Our market is fine here in TN!

Jul 13, 2008 09:56 AM