Biggest Listing Surge Since 2017

Full Video Transcript Below

Listing Surge

[00:00:00] Well, good morning. Real estate fans, Alice Lema here, broker John Scott, beautiful Southern Oregon with another edition of the weekly podcast. Today, we're gonna talk about a report that came out from realtor.com and it has some super exciting news about how many more homes there are for sale nationally than there were this time last year.

And you're gonna be shocked at the numbers. And then we're gonna drill down and talk about our Southern Oregon. Before we get to that, wanna give you a quick minute to subscribe to the channel. Give us a link. Give us a thumbs up, send some questions. Please share this with your friends and family if you think it'll help. And as always call me, text me personally, we can talk about your specific real estate situation 541-301-7980 on to the podcast.

Okay. So realtor.com put this great chart out. You know, they do reports every week. So, but what's fun about this one is you can see that this time last year, Actually all the way back to [00:01:00] 2017. Look at this trend. We now have 20% of our listings are active. What that means is they're not pending, they're not sold, they're available. So you can think of house hunting availability is now at a 20% mark. And we haven't seen that since before 2017. So super, super exciting. It's been a long crawl, really interesting to look at that deep dive during the shutdown in the pandemic, but we've crawled our way out.

Wanna make a note about what this really means is that this is a combination of people whose homes are on the market, as well as the new homes that are coming on the market, not new, like new construction, although it includes that, but people who are just now listing, but also means people's houses are staying on the market longer.

There's a little more days on market because you have to have that waiting to sell happen to hit these kind of numbers. So [00:02:00] it's a combination of people waiting to sell. They didn't sell in 10 minutes and also new people coming in the market. And thank you everybody who put your house on the market, standing innovation.

Thank you. We still have more buyers and sellers, you know, week to week, we watch this. We're still not in my opinion and even market, but we're getting closer and it's a breath of fresh air because now we feel. People who wanted to sell their house can because they have a place to go because now we're hitting some higher inventory, mark, some inventory available marks. Yeah. Yay. Yay.

Okay, so, so that's nationally. Now locally. I wanna talk about Jackson and Josephine county. That's how I'm looking at Southern Oregon right now. So Jackson county, this time last year had 851 listings. Now this time, this year, 1078, 27% increase.

Hold on to your hats folks, cuz I'm gonna tell you Josephine county last year had 316 this year [00:03:00] 497. That's a 57% change up. So yay. We're getting a little more breathing room. The properties are staying on the market a little bit longer, which is actually a little bit of a relief because it gives people a chance to get on and look at 'em have some choices, write their offers and you know, try to seal the deal.

If, if properties sell too fast, then the whole marketplace doesn't get a chance to look. So super exciting about these numbers. Also watching the back on market and the price reductions, I think in Josephine and Jackson county, this week, we had something like 158 price reductions in one week. And so what that means in my opinion is that our little Southern Oregon housing market is starting to absorb and adjust to all the changes. And the changes include the huge rate increases for the interest rate, the buyers struggling to write offers in competitive situations. And then turning into now, I. Now I don't qualify for that house. I have to get preapproved and some of these poor [00:04:00] buyers are having to get preapproved weekly because the changes have happened so fast.

And then also we have lifestyle changes. People are not living the same way they were before the pandemic. We have a higher percentage of households that need bigger spaces. There's more multi-generational groups living together. There's more work from home. There's more homeschooling or there's hybrids. And that changes how people wanna live and it changes how they choose a home, a property to live in. So our market has to absorb all that. It's starting to look like that's happening.

It's not pretty , it's, it's not easy, but it is happening. And I encourage anybody who wanted to sell their home in the last few years and just didn't, you might wanna think about doing it now. We're thinking the price changes are gonna continue down a little bit more, again, not looking for any kind of a crash, but as we talked in the podcast last week, [00:05:00] deceleration of the prices, not depreciation into a crisis. But deceleration slowing down, lowering, stabilizing, that kind of thing. So if you're a seller, this is probably probably the highest you're gonna get we're off our highs. We're coming down kind of like a wave. Kinda like a wave and you can look at these charts and see they're wavy, but they're wavy in a good place now.

We're so happy to have all those choices. Yeah, so we'll keep watching all of this week to week and, and excuse me, week to week and reporting back. In the meantime, if you need any help you want to talk about your situation just gimme a call, gimme a text 541-301-7980. And we'll see what we can do otherwise have a beautiful weekend and we'll see you again next week. By now.