Market Update August 8 2023

Full Video Transcript Below

August 8th, 2023 Southern Oregon Housing Market Update

Alice Lema: [00:00:00] Well, hey, everybody. Welcome back to the weekly statistics for Southern Oregon. This is for the week ending Tuesday, August 8th, 2023. We're going to start with Klamath County, and this is for single family residential only, just a reminder. All other real estate types have different statistics.

Okay, Klamath County prices year over year are down this week 19% for an average of $274, 339. The number of sold year over year this week are down 38% in Klamath County. The number of listings year over year, however, are up 11%. So congratulations to Klamath County for getting 11% more people to list their house this year. We have zero foreclosures and zero short sales closed in Klamath County this week, and zero million dollar residential sales in Klamath County this week.

[00:01:00] Josephine County prices year over year are down this week but only three percent. The average A single family home in Josephine County now costing $530, 814 dollars. The number of solds year over year in Josephine County are up a whopping 75% this year. I mean, this week, 75% this week. And again, these are some of the spikes and fits and starts. We're watching happen in all the counties, but congratulations to Josephine County. We're finally getting a real big spike up. We'll see what happens in the weeks to come. Going back to Josephine County, number of listings year over year are down 17%.

Zero foreclosures and zero short sales closed in Josephine County this week. But we had two million dollar sales close in Josephine County this week. The first one was in Grants Pass. It was not riverfront. It sold for 1. [00:02:00] 2 million dollars. It was a 3, 766 square foot home on 6. 1 acres. Again, it was not riverfront, but it had a swimming pool.

The second one was also in Grants Pass and it closed for 1. 3 million. It was not on the river. The house was 5277 square feet. It was on five acres. Congratulations to those folks for getting their million dollar property sold. That's a tough price point right now. They actually have many, many months of inventory. That price point is a bonafide buyer's market.

Jackson County prices year over year this week are up 18% to an average $639,721 congratulations to Jackson County for a good spike up this week compared to this time last year. The number of solds year over year [00:03:00] in Jackson County are down 30%. The number of listings year over year are down 24%.

There were zero foreclosures and zero short sales that closed in Jackson County this week, but we did have 1 million property in Jackson County and it's sold for 2. 2 million and the house was it's 3856 square feet. It was on 8. 2 acres and it was riverfront. It was frontage on the mighty rogue river. So you can see week to week we're starting to get some volatility upwards.

We are getting some traction getting a few more people to put their houses on the market. The prices are starting to go up here and there. That is in response to the shortage. And also I think to the tenacity of the buyer pool, the buyers still want. And now that we have absorbed as much [00:04:00] of all the interest rate activity increases that we can as a market, the buyers and the sellers are starting to move forward with more transactions.

So we'll keep watching this week to week. In the meantime, I want to be your agent. I want you to give me a call, give me a text. Let's at least talk about where you are in your real estate life, where you want to go next, even though things have been kind of hard. The last year, year and a half, we still have some great opportunities.

Every market has an opportunity. So I want to talk to you about that, whether you're listing, selling, investing, renting, downsizing, upsizing, whatever you're doing. Give me a call and let's chat. My number is 541-301-7980 that's 541-301-7980 we'll see you next week. Have a beautiful weekend. Bye now.