Market Update Dec 25 2023

Market Update Dec 25 2023

Full Video Transcript Below

Market Update 12_25_2023

[00:00:00] Real estate fans. Welcome back to marketing statistics for Southern Oregon housing. I'm Alice Lema. I'm a broker at John L. Scott real estate, and this is for the week ending December 25th. So we're winding down 2023, and we've got some great news in two of our counties for our year over year prices.

So let's start with Josephine County this time, because it has the best news. Josephine County prices year over year for a single family residential are 34 percent this week, the average home now costing 532, 266. Congratulations, Josephine County. The number of solds in Josephine County year over year are down 33 percent. We had eight closings in the residential market this week. The number of listings in Josephine County are down five percent. We had 286 active listings on MLS this week. We had zero foreclosures, [00:01:00] zero short sales, and zero million dollar sales in the residential market in Josephine County this week. So still pretty good in the price department. Still short of inventory in Josephine County.

Let's look at Klamath County next. Prices year over year in Klamath County are up 31%. The average single family residential home now costing 376, 786 this week. The number of solds in Klamath County are down 12%. We had seven residential closings. In Klamath County this week the number of listings year over year in Klamath County were down six percent. There were 215 active listings on MLS this week. Klamath County had zero foreclosure, zero short sales, and zero million dollar residential closings this week.

Jackson County slightly different than the other two counties. Prices year over year in Jackson County this week we're down 6 percent the average single family [00:02:00] residential home costing 483, 142 this week, the number of solds year over year in Jackson County were down 68 percent this week with 12 residential homes closings. The number of listings year over year in Jackson County were down 4%. We had 609 active residential listings on SMLS this week. There were zero foreclosures, zero short sales, and zero million dollar residential closings in Jackson County this week. So congratulations, Klamath and Josephine County and Jackson County is still holding its own.

Just a reminder, this is normally a slow week in Southern Oregon for real estate and the showing numbers are up. The number of offers we're all writing are up. We're taking more listings. The trend lines are quite a bit higher than normal. So I'm telling you folks, things are changing [00:03:00] even as we speak. It's why we do these broadcasts every single week, because we're tracking the micro motions so that we can watch them turn into macro trends.

I encourage you to listen to my podcast this week, because we have some more data showing that the market is different than what you might be hearing in the some of the bad news broadcast. So we're really here just to track the data. We're not emotionally attached to the results. We just want to be as accurate as possible.

So with that in mind we still have low inventory, even though we have more listings coming on by my calculations and in talking to other agents, it's still not going to be enough to meet the demand of the buyers. And we just had a big new surge of buyers jump in in the last two weeks. Why? Because of the indications that the Federal Reserve Bank gave, thinking that the interest rates might go down in 2024.

We don't really want to plan our life [00:04:00] around those guys because It doesn't always go down that way, but here we are. And the fact of the matter is there's way more buyers then there were. There's way more sellers coming on the market, but it's still not enough. So give me a call. Give me a text. Let's talk about what we're going to do with your real estate in 2024.

And on my number is 541 301 7980. That's 541 301 7980. I want to be your agent. I'm a great buyer's agent. I'm a great listing agent. And I've got a lot of good advice, a lot of years of experience. Not only in my own real estate life, but in helping other people. So have a good rest of the week.

We've got one more for 2023 coming up next week. And then it's on to the recap when the actual numbers come out from S O M L S have a beautiful Southern Oregon weekend. Hug those you love. Bye now.

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