Market Update Feb. 12 2024

Market Update Feb. 12 2024

Full Video Transcript Below

Market Update Feb 12 2024

Alice Lema: [00:00:00] Well, hey, real estate fans. Welcome back to Southern Oregon's market statistics. The weekly podcast we do. I'm Alice Lema. I'm a real estate broker here in Southern Oregon with John L Scott. And we've got some changes brewing in our three counties. So we've been waiting for for this. Let's start this week with Jackson County.

Jackson County prices year over year are up 1%. The average single family home costing $437, 600. Number of sold year over year in Jackson County this week we're up 47%. We had 31 closings on SOMLS this week in our residential market in Jackson County. The number of listings year over year were down in Jackson County by 3 percent this week, we had 550 active listings in S. O. M. [00:01:00] L. S. Residential market this week, the number of foreclosures in Jackson County this week that closed, one in Phoenix $112,000. No short sales closing this week in Jackson County and 1 million closing in Ashland in the residential market. And it was beautiful. I tried to sell it twice. It was on acreage and it sold for 1. 2 million.

Josephine County this week is our big winner. Josephine County prices year over year are up 13 percent in the residential market, averaging 386, 635. In the residential market in Josephine County this week, the number of solds year over year in Josephine County were up 8%. There were 13 residential closings in, so in Josephine County on, so MLS this week. [00:02:00] The number of listings year over year in Josephine County were up 1%, 285 active residential listings on, so MLS there were zero foreclosures this week in Josephine County. There were zero short sale closings in Josephine County this week. And there were 0 million closings in the residential market in Josephine County this week, but kudos to Josephine County for having prices be up 13%. Number of solds be up 8 percent and the number of listings be up 1%. Congratulations. We're hoping that's the beginning of a trend.

Let's get to Klamath County. The news was not so good this week in Klamath County. Prices are down 3 percent year over year in Klamath County with the average residential Home costing $349,676. The number of solds are also down in Klamath County year over year this week, and they [00:03:00] were down 25%. There were nine residential closings on S-O-M-L-S in Klamath County this week. The number of listings in Klamath County were down 14 percent year over year this week, 197 active listings on SOMLS in the residential market. We had one foreclosure in Bonanza this week. We had zero short sales closed and we had zero million dollar residential closings in Klamath County this week. And the Bonanza foreclosure sold for $324,000.

And so we can see that Klamath County, all three categories that we're tracking year over year were down. Josephine County. All three categories were up and Jackson County. had prices up, number of solds up, but number of listings down. [00:04:00] So what does this all mean?

We're going to track it week to week like we always do, but it could be that we're starting to see some stability and gentle increases in prices. Although all of this can change. If the interest rates go down, all of this could change if the interest rates go up. So what is, what is a person to do?

Well, buyers, you need to secure what you can, if it fits your needs and your budget at a time when it's good for you to move. That is the general principle with real estate is do what you can, when you can within your budget. Please don't try to time the market. Sellers, a little different story, sellers that have a lot of equity, which many, many do, can play a little bit more of a game, but it's really not advisable unless you've got another place to go and something else [00:05:00] to do with the money.

Real estate is still an amazing, amazing investment. Sellers that are thinking of going on the market in may or June would do better right now because as I keep saying every week right now, we still don't have enough listings to meet the housing needs. Now, having said that, we have more listings than we did last year. For the most part, but it's still not enough. So we're making some strides. People are starting to put their homes on the market and getting them sold.

Please be aware that buyers are price sensitive and condition sensitive more so than usual right now. Why? Because. Their budgets are smaller due to the interest rates. They're so nervous about something changing in the world, something changing with the Federal Reserve Bank. They're just jittery, but they want a home or they want a different home. [00:06:00] So sellers just know that if somebody writes you an offer, they're nervous, to take it seriously, negotiate if you need to, because you got to do what's best for you too, but it's not the strong market that it was.

And if you lose a buyer, Sellers, I'm talking to you right now. If you lose a buyer and you have to go back on market the conditions could be different than they were when you went into escrow. Our we still have some volatility. It's not as bad as it was maybe last summer, but we still have volatility.

So it's still a great time to be a buyer and a seller. But you just need to be realistic. Okay. So having said that, I want you to call me to be your agent. I'm a great listing agent. I'm a great buyer's agent. Do a lot of work with ranches, rural property. I'm very familiar with the waterways and Waterfront property. Do a lot of work with tenants to get them into the home ownership position, downsizing with elders, upsizing with [00:07:00] people who just want bigger and a lot of investments.

So give me a call. Give me a text. My number is 541-301-7980 and let's get you going in the next step in your real estate life. In the meantime, have a beautiful rest of the week. Bye now.

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