Market Update Feb 5 2024
Market Update Feb 5 2024
Full Video Transcription Below
Market Update Feb 5 2024
[00:00:00] Hey, real estate fans. Welcome back to market statistics, Southern Oregon. I'm Alice Lema I'm a broker here in Southern Oregon with John L. Scott real estate. This is the week ending February 5th, 2024. And let's get started with Jackson County.
Jackson County year over year, residential prices are down 9 percent. The average single family home this week costing 498, 222 the number of sold year over year this week in Jackson County are up 19 .Percent Congratulations Jackson County there were 43 residential closings this week on S. O. M. L. S. The number of listings year over year in Jackson County are down 5%. We have 556 residential listings active on SOMLS this week. The foreclosures closed this week in Jackson County were zero. The short sales [00:01:00] closed in Jackson County were also zero and the million dollar closings in Jackson County in the residential market were two. We had one in Ashland for 1. 7 million, and we had one in Jacksonville for a million dollars. So congratulations to those folks and and please make note. We did not have any foreclosures or short sales, but we continue to have million dollar closings.
So that's part of what we're tracking in our data points. Let's move on to Josephine County prices this year. Prices this week year over year in Josephine County were down 33%. The average single family home in Josephine County this week, costing $456, 679. The number of solds year over year in Josephine County were up 133 percent this week. Congratulations to Josephine County for that. There were 14 closings in the [00:02:00] residential market in Josephine County on SOMLS this week. The number of listings year over year in Josephine County this week were down only 2%. There are 267 active listings in the residential market on S. O. M. L. S. in Josephine County this week. The foreclosures closed in Josephine County this week were 0, also 0 short sale closings in Josephine County this week, and 0 million residential closings in Josephine County.
This week, Klamath County prices year over year are up 12%. Congratulations. The average single family home in Klamath County now costing this week, $266, 500. Number of solds year over year in Klamath County are also up, but they're up 33 percent this week. There were eight residential closings in Klamath County on S. O. [00:03:00] M. L. S. Congratulations, Klamath County. The number of listings year over year in Klamath County this week are down 12%. There are 198 active residential listings on S. O. M. L. S. in Klamath County. Foreclosures closing this week in Klamath County, there were 1. It was in Klamath Falls and it was for 195, 000. There were zero short sale closings in Klamath County this week and zero million dollar closings in the residential market in Klamath County this week.
So we continue to stabilize. We are seeing week to week, some of our counties are up, some are down, but not quite as much. And I do want to point out that from the first of the year jackson County listings are down, Josephine County listings are down, and Klamath County listings are down. So that is a trend that we have where we still do not have as many [00:04:00] listings as we need.
So again, I want to impress upon folks that are considering selling their properties in any of our three counties that we still do not have enough homes on the market. Now we do have quite a few people gearing up. We have signed listings. We're doing photos. We're doing inspections. We're getting ads ready and it's not just me. It's lots of agents. So if you're watching what's coming on the market, you are noticing that there are more listings.
They're not all coming on at once, but they're coming on in a pretty steady stream. So if you wanted to sell your house, this might be better than waiting till May. But if you wait till May, yes, the weather will be better and all the flowers will be out and everybody else will be selling their house too. So double edged [00:05:00] sword, but sellers, you know, you gotta you got to make your decisions yourself.
Buyers, I want to speak to you directly. If you're actively looking or thinking of jumping in the market, I can make a case for right now as well, and here's why. Yes, the interest rates are still high, but they're lower than they were even six months ago. And what you will find in the market right now is yes, low inventory. But more motivated sellers. We have sellers that are more often giving closing costs or at least half of the closing costs. We are more often having sellers dickering, at least a little on the price. And the prices are a little lower in general than they were for sure a year or two ago.
So buyers think about it. It, it is not pretty and your pickings are low as they say, but there, there is something to be said for getting something now, while the prices are a little lower. [00:06:00] You can refinance later when the, when the interest rates go down and you don't have to have all the arm wrestling with the other buyers, because when the interest rates do go down they're predicted up to as many as 500, 000 more buyers coming into the market if the interest rates go down. So keep that in mind.
In the meantime, I would like to be your agent. I'm a great buyers agent, great investment consultant and great listing agent. So give me a call, give me a text 541 301 7980. That's 541 301 7980. So please reach out by by phone, text or email. And let's talk about what you're going to do with the rest of your real estate life.
And finally, subscribe to the channel. If you're getting something out of it, send it to your friends and family. But did you click the subscribe button? We are actively trying to increase our [00:07:00] subscription. So that's all for now. I'm Alice Lema broker, John L. Scott, Southern Oregon. Have a beautiful rest of the weekend and we'll see you next week. Bye now.