House Price Trends August 2023

Southern Oregon House Price Trends August 2023

Full Video Transcript Below

Price Trends Update Aug 2023

Alice Lema: [00:00:00] Well, hey, real estate fans, Alice Lema, broker, Jono Scott with another edition of the weekly podcast. Today, we're going to talk about our pricing trends for all three counties in Southern Oregon. That's Jackson County, Josephine County and Klamath. We started doing this last month and we just started a new month.

So now I want to go back and talk about what's happened year to date, except we're going to do two years this time. We're going to do August from 2021 to July of 2023. So I want to start with Klamath County first, and if you're listening to our weekly market stats little video every week on YouTube, you know, we've had some fluctuation in all three counties, but Klamath County has actually perked up a little bit maybe two out of the last four weeks, but I want to show you that we still have a disconnect Sellers with I'm speaking to you, also talking to the [00:01:00] buyers who the buyers should know this too.

You can see the blue line of the price trends in Klamath County is still higher than where the pendings are, which is the accepted offers and the actual sales sold, which is the brown line. Now the pending in the brown line are still close like they were last month. But if you go back to 2021, you can see we're not that much different, but we're a smidge higher.

And that's kind of what we're starting to notice a little bit in the year to date stats, but there's still a disconnect to the listing prices. It's going up and down, but you can see that the trend line for the blue, the blue line is trending up. So it means that the sellers in Klamath County are still more optimistic maybe than they should be, but the prices are creeping [00:02:00] up here and there in Klamath County.

So let's go to Josephine County. Now, Josephine County, the trend line for the listing prices is quite strong. It's at $600, 000, but boy the, and these are average prices for residential, but you can see that the sales prices are starting to trend up a little bit. But the pending prices came down so we're going to have to wait till next month to see if the pendings and the sales prices in Josephine County change much, but boy, there's still a real big surge of optimism in the sellers for their, their listing prices in Josephine County.

So now let's go to Jackson County. And you can see Jackson County has a real strong trend up in their listing prices as well. They're not at $800, 000, but [00:03:00] they're working their way up. And then you can see the sales line is down below 533. And again, this is average residential prices, but the pending, I want you to notice here in Jackson County, the pending line, the red line is up.

So what that means is that the buyers are writing offers and they're getting accepted higher than where they're closing. And if you remember, when you get an accepted offer, it's at a certain price. There's a pending price that's listed, but we don't really know what the closing price is until after Jackson County or whatever county you're in actually takes the seller's name off and puts the buyer's name on the, the tax rolls. That's actually what counts as a legal recording.

So it's going to be interesting in the next month or two to watch this. And again, do listen to our weekly market statistics because even though they're micro movements of what's going on in [00:04:00] each county you can see that's where the major trends start.

And then we'll do another monthly update at the beginning of the month on our podcast. In the meantime, give me a call. Give me a text if you want to talk about your real estate. Do a lot of work right now with estates, probates, divorces. We don't have very many foreclosures, but if you're in a jam let's talk about how to get out of it because most people still have a lot of equity and there's usually in a, in a stronger market where there's a lot of equity it's pretty easy to avoid a foreclosure. But if you're in a spot, please give me a jingle. Give me a text and we'll talk about it. My number is 541-301-7980 And if you want to list your house, we'd love to talk to you. We still have more buyers and sellers.

It's still a good time to list, but as you can see from all these charts, Sellers, let's let's do something more realistic to where the market is so [00:05:00] that you can get your property sold and move on with your life. In the meantime, have a great week. We'll talk to you next time. Bye now.

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