Real Estate Information

We are excited to announce construction is to begin on 11/18/19 for 32 brand new, custom, ocean view homes! It's hard to believe they are just blocks from a gorgeous beach and prices start at  just $275,000. For more info, please contact us or check out the website for these homes at www.pacifica@roguereef.com.  Thank you! 

We invite you to download our free Pacific Coastal Real Estate App featuring beautiful Southern Oregon coast properties for sale. Browse available listings, save your favorites for future reference, and locate other nearby listings to compare, contrast and estimate mortgage payments using the app calculator.  You can even search from wherever you are for the listings within .5 miles- it is very EASY! And free! We also just added tide tables and local information. To download, please go to the Apple iTunes Store or Google Play for Android phones and simply download the Pacific Coastal Real Estate app. If you prefer,  you may also use the QR code below. Thanks and hope you like it!

So, what's going on in the luxury market you're wondering... well, here it is! For those that enjoy stats, here are Curry County sales and pending sales of homes priced over $500,000 in the county over the last 9 months:

17 sold, highest sales price $1,525,000 for a large ocean view acreage with beautiful custom home and barn. Lowest price was $520,000 and the average price was $685,294.

Gold Beach had 4 sales ranging from $520,000 to $1,525,000.  Brookings had 12 sales ranging in price from $525,000 to $780,000. Port Orford had one, but it was on the higher end at $912,000.  This was also a larger acreage with custom home. All the higher priced properties had large homes, acreage with an ocean or river view or were near the beach or a river.

There are currently 11 pending sales in the luxury market ranging in asking price from $509,900 to $1,275,000.

*Data taken from local MLS and deemed accurate. Sales by Realtors only.

There were 43 closed sales in Curry County in October (Brookings, Gold Beach, Port Orford) which is more than in any other single month since the RMLS reporting system began keeping track in 2005! Inventory is down, sales are up. This is a year I would advise clients to leave their properties on the market through the winter instead of taking them off as there aren't as many properties to compete against currently, so give yours a leg up and keep it listed! Year to date, there were 53.2% more pending sales and closed sales than in the same time period last year but average sales price was down 13.4% to $182,900. The average total time on the market is about 225 days. To break it down a bit further, Gold Beach has had 60 closed residential sales through October and Brookings has had 205 and Port Orford has had 20. Gold Beach has had 12 land sales, Brookings has had 15 and Port Orford has had 4. There was 1 commercial sale in Brookings and 1 in Port Orford plus 3 multi-family sales in Brookings and 4 multi-family sales in Gold Beach. Not bad for the first 3/4 of the year!

*This information is taken from the RMLS and is believed to be accurate.

I'm happy to report that we're busier than we've been in at least a year!

With 15 sales currently pending this month in Gold Beach, things are definitely looking up. Especially when you consider that, as of last month, there were only 49 total closed sales in Gold Beach for the entire year.*

The not-so-surprising news is that sale prices are still down. According to the Curry County RMLS, the average sale price for homes in Gold Beach has dropped 17.8% compared to last year. The average home sale price was reported as $246,200, while the median sale price came in at $201,500.

The data also shows that it’s taking a bit longer for properties to sell these days. The properties that have closed in the past few months were on the market an average of approximately 250 days (8 months).

Properties that are priced competitively are selling faster than those that aren’t. Pricing is key in this economy!

For more in-depth information, or a new market analysis of your property, please give us a call at 541.247.7925.

Thanks for reading,  

Lynn Wegner

Principal Broker

Pacific Coastal Real Estate

*Statistics courtesy of RMLS.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.