Market Update April 15 2024

Market Update April 15 2024

Full Video Transcript Below

Alice Lema: [00:00:00] Hey, real estate fans. Welcome back to another edition of the market statistics podcast. This is housing Southern Oregon. I'm Alice Lema. I'm a broker at John L. Scott real estate. And just want to jump right in cause we've got good news to report Jackson County prices year over year this week are up 9%. The average single family home now costing $492,038. Residential number of sold year over year in Jackson County are down 4%. We had 46 closings in the residential market this week in Jackson County. Number of listings year over year are up 8 percent in Jackson County. This week we had 678 active listings on S O M L S in the residential market. So that's all great news. A number of foreclosures that closed in Jackson County this week. We did have one. It was in Southwest Medford and it closed [00:01:00] for two hundred and ninety thousand dollars. We had zero short sales closed in Jackson County this week. And we did have one million dollar plus listing closed this week in Jackson County. It was in Gold Hill. It sold for 1. 07 million and it was only on the market for 23 days. Think of that.

Okay, let's go to Josephine County. Josephine County prices year over year. This week we're up 27%. The average single family residential home now costing 488, 176. Josephine County residential this week number of solds are down 50 percent in Josephine County. We only had 11 closings on SOMLS in the residential market in Josephine County this week. Number of listings year over year up 25 percent this week. We have 318 active listings on SOMLS in Josephine County this [00:02:00] week in the residential category. A number of foreclosures closed in Josephine County this week. There was one, it was in Grants Pass. It was so it sold for 327, 000 and it was only on the market 15 days. We had zero short sales close in Josephine County this week and 0 million sales residential closings in Josephine County this week.

Klamath County prices year over year are up 45 percent this week. The average single family home in Klamath County now costing $349, 821. Residential market number of sold year over year in Klamath County this week were up 7% There were 14 closings on SOMLS in the residential market in Klamath County this week. The number of listings year over year in Klamath County are up 8%. [00:03:00] We had 243 active listings on SOMLS in Klamath County residential this week. Foreclosures in Klamath County this week were zero closings, zero short sales closed. In Klamath County this week and zero million dollar residential properties closed in Klamath County this week.

So there's a lot to crow about. All three counties have pretty good upticks and they are compared to this time last year, which just as a reminder how hard last year was. But I want to give a warning to sellers. Sellers, if you're going on the market, it's still a great time. We still have that magic crossroads where it's still good for buyers and sellers. But sellers beware of overpricing this spring because there's more inventory coming on the market. There's more competition. And even though there's still Lower inventory to meet the demand, it's not like it was the last few [00:04:00] years. You cannot go back more than six months and actually three months is better when you're doing your comps. Keep that in mind. Now, having said that. Most agents will put whatever price you want to try for a few weeks, but you're, you're losing time when you do that.

Okay. Buyers just want to give you some encouragement. I know it's brutal out there. The interest rates, the interest rates are crazy. The inventory is better, but it's still not ideal. But here's the thing in these kind of ongoing low inventory environments. The appreciation, you're still getting some. It might be modest, but you're still getting some. So buyers, get something that meets your needs and fits your budget, but go ahead and get something so that you can start settling in and accumulating that appreciation.

Want to, you know, Thank you guys for listening every week. Please give us a subscribe. Please give us a like. Also check out [00:05:00] the radio show this week. We had Tia Politi. She's my favorite landlord tenant person. She has great information fresh from the legislative meetings that just closed this spring also podcast. We're going to ask the special question. Is this the last house you're ever going to live in?

We've got some tips for buyers and sellers this spring. And even though the inventory is better, it's still a little bit short of what we need. And that podcast will help you whether you're buying or selling. Okay. Thanks so much for following. We appreciate all of you have a great Southern Oregon weekend.

We'll see you next time. Bye now.

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