Market Update Aug 22 2023

Market Update Aug 22 2023

Full Video Transcript Below

Market Update August 22 2023

[00:00:00] Well, hey, real estate fans. Welcome back to market statistics report for Southern Oregon, where we track all three counties every week of our housing market. This is for the week ending August 22nd, 2023. I'm Alice Lema I'm a broker here in beautiful Southern Oregon.

Let's start with Klamath County this week. Klamath County this week, prices are down 6%. The average single family residential property will now cost you $297,313. The number of sold year over year in Klamath County are down 7%. There were 24 closings this week in Klamath County in the single family residential market. The number of listings in Klamath County are up 14%. We have 290 listings on the market as of August 22nd. So, things are getting better in Klamath County. The foreclosures closed this week [00:01:00] were zero. The short sales closed this week were zero. And the million dollar closings were zero all in Klamath County.

Let's go to Josephine County next. Josephine County prices are up 37% to an average $594,769. Wow. Josephine County, that's really something. The number of sold year over year are down 38%. There were only 16 closings this week as of August 22nd. And the number of listings year over year in Josephine County are down 14%. There are only 351 listings on the market. Again, as of August 22nd. There were zero foreclosures closed in Josephine County this week, zero short sales closed in Josephine County this week, and 0 million sales in Josephine County this week.

Jackson County prices year over year this week, we're down 18% to an average 470, [00:02:00] 230, again, single family residential only. The number of solds in Jackson County were down 6% this week. There were 58 closings in Jackson County. The number of listings year over year in Jackson County are down 24%. We only have 711 listings on the market in Jackson County as of August 22nd. There were zero foreclosures closed this week in Jackson County, zero short sales, and zero million dollar listings closed in Jackson County this week.

So you can see these micro movements are starting to get some legs. We're looking at a trend. We're having little spikes in all three counties with the prices going up. We're starting to see the number of listings going up a little bit and we're seeing the the difference between the number of solds compared to last year, starting to adjust a little bit every week. Now it is fits and starts folks.

So but that [00:03:00] is again why we like to track this every week. So we can catch the micro movements and also you can see the foreclosure market and the short sale market is basically non existent. Some weeks we have one or two and a lot of times we just have none. And the reason that's important is because in a normal market there's actually somewhere between 8 and 16 percent of that activity, that distressed sale we like to talk about.

But during the crash it was everybody was losing their house or in a short sale. And we just don't have that kind of a market. So if you're waiting to sell, if you're waiting to buy. Look at the data, assess your own personal situation and make an informed decision that way. Please do not try to time the market.

Don't try to beat the interest rate or something like that. The elements are what they are in our economy, but it's still an amazing time to buy or sell. It's amazing time to sell because we just don't have enough [00:04:00] properties on the market. But you've got to price it at least in the middle of the neighborhood. High middle is fine, but this isn't like 2020, 2022, where things were just flying off the shelf at $30,000, $50,000 over.

We're not in that kind of environment anymore. So you got to price it right. And sellers, if you're getting showings and you're not getting offers, look at what the feedback says. If there's not a lot of criticism of the house or location or something like that, then it's the price. Lower the price, get it done. Here we are middle of August. We're a seasonal market. Winter's going to be here before you know it. So let's help you get on with your life. So sellers consider a price change.

Buyers I know a lot of you are looking at properties. I take you out every week. We've got some of this apprehension on the buyer side that things are going to crash. We look at the data every week. We just don't see it. We're not [00:05:00] Nostradamus. We're not psychics. We're data driven. But if you're in a position to purchase a home, it's better to just do it. The prices are low, right now compared to what they used to be. And in my opinion, I say this every week now, I think we're bottoming out.

And we also have some national experts, saying the same thing. So get what you need, get under contract, move in. Southern Oregon historically has pretty good appreciation, even in the hard times because we're a destination location. So a lot of reasons to go ahead and pull the trigger on buying. And the idea of looking for perfect, perfect, if you're a buyer, a hundred percent, perfect. Falling in love. In my opinion is not realistic. We usually shoot for having an 80 to 90% kind of check the boxes satisfaction. Don't give up something that's super important, but also don't get bogged down with minor things that would interfere with you [00:06:00] purchasing now and getting settled and having another year under your belt of home ownership, or at least in a house that suits you better.

And if you're an investor, give me a call, give me a text. Let's talk about what's going on in the rental markets. It's too much to go into now. That'll be a separate video podcast. Okay in the meantime, call me, text me. I want to be your agent. I'm a great listing agent, great buyers agent. Great with downsizing. Anybody can be a first time homebuyer if they've never purchased before. Anybody can move up and get something more appropriate. Also a lot of really good opportunities in the rural district, horse property, waterfront, if you want to live on the river. Lots and lots of great possibilities in those departments as well.

So give me a text, give me a call, 541 301. 7980. We'll talk to you next week. Have a good one. Bye now.

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