Market Update Dec 18 2023

Market Update Data Dec 18 2023

Market Update Dec 18 2023

[00:00:00] Hey, real estate fans. Welcome back to the market statistics for Southern Oregon. This is for the week ending Monday December 18th, 2023 winding down the year. We've got a lot of good news this week, and then a little bit of bad news, but overall I think you're going to be happy with the trends.

So let's start with Jackson County first and this is year over year residential only because different kinds of real estate have different kinds of numbers. We're just doing a residential. So Jackson County residential year to date is at 4%. Congratulations. The average single family home in Jackson County this week sold for 515, 904. The number of solds year over year are up 90%. We had 57 residential closings this week in Jackson County alone. So that is great news. The number of listings active on the MLS year [00:01:00] over year are still down 6 percent in Jackson County. We had 626 residential properties actively listed on the MLS this week.

Foreclosures. We did have three foreclosures in Jackson County this week. One was in White City for 293, 000. One was in Eagle Point for 284, 000. And one was in East Medford, 306, 000. And if you want more information about those or you want to talk about short sales and, and foreclosures just. Hit me up. My number will be at the end of the video. We had zero short sales in Jackson County this week, and we had 1, 000, 000 closing in the residential market in Jackson County this week for 1. 49 million. And that was in Ashland. So, like, you can see it's a little bit of a mixed bag but predominantly good news.

Josephine County is next. Josephine County [00:02:00] prices year over year this week are up 15%. Congratulations, Josephine County. The average single family residential home now costing 452, 290. The number of sold this week year over year in Josephine County are up 15%. We had 15 closings in Josephine County in the residential market. And then the number of listings year over year in Josephine County were down 3%. We had 297 residential listings active in Josephine County on MLS this week. Zero foreclosures. In Josephine County this week, zero short sales and zero million dollar residential closing. So Jackson and Josephine County kind of showing similar trends.

Let's jump over to Klamath County. Prices Klamath County year over year this week are up 34 [00:03:00] percent. The average single family home in Klamath County costing 338, 162. So All three counties year over year prices are up. Congratulations to all three counties. Let's go back to Klamath County. The number of solds year over year in Klamath County were up 85%. There were 13 closings in the residential market in Klamath County and the number of listings in Klamath County year over year this week were down 4%.

There are 220 active listings in Klamath County year over year. On MLS in Klamath County this week only one foreclosure in Klamath County this week, and it was in Bonanza for 160, 000. There were no short sales closing in Klamath County, and there were no million dollar closings in Klamath County. So overall, here we are almost at the end of the year.

We thought it was going to be a downturn in prices, and we're seeing a little bit of an uptick. [00:04:00] We've got Jackson county, 4 percent up Josephine county, 15 percent up and Klamath county, 30 percent up 34 percent up. We still need more listings. You can see on the chart. There's a smidge shortage from this time last year, but overall, we still have more buyers than sellers, but just by a little bit.

So that trend is continuing. So what does that mean to Southern Oregon? What it means is that we are looking for A stabilization in at least 1st quarter of next year, and maybe on to 2nd quarter. We're looking for appreciation this is what we've been saying in the last few weeks, maybe in that 1 to 5%.

And that will be for closing out 2023 and starting 2024. So practically speaking, not a bad time to sell because there's still lower inventory. In fact, if we're right about our predictions into 2024, [00:05:00] You're going to have a lot more competition on the listing side. So keep that in mind. If you can get your house on the market between now and maybe March 1st, you could maybe scoop up the starving buyers that are still left.

And there's more buyers getting pre approved because rumor has it the interest rates are going to go down. So a lot of strategic thinking to do over this holiday. In the meantime, give me a call. Give me a text numbers. 541-301-7980. I want to be your agent, a great listing agent, great buyer's agent. Work with all, all walks of life, all categories of real estate. And yeah, this is my bag.

So we track these numbers every week. We're going to put some of our own analytics out just for Southern Oregon. Specific that'll be early January. We'll also have our local MLS published their 2023 closing numbers and then the national stats. So it's going to be a pretty exciting couple of weeks, [00:06:00] but as you can see, our little Southern Oregon is recovering.

Yay for us. I have a beautiful weekend. See you next time. Bye now..

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