Market Update Jan 1 2024

Market Update Jan 1 2024 for Southern Oregon

Full Video Transcript Below

Market Update Jan 1 2023

[00:00:00] Hey, real estate fans, welcome to market statistics for Southern Oregon housing. This is a year to date end of 2023. This is for ending Monday, January 1st, 2024. It's just the way the dates worked out. What a, what a wild year we've had. Just a reminder, we're going to have a lot of analytics and data presentations in the next couple of weeks as the numbers for 2023 come out.

But because we've been watching every week, I feel like we're way on top of it, but we do have some interesting numbers. This is year over year this week in Klamath County, we're going to start there because the prices year over year in residential this week were up 13%. The average single family residential home this week in Klamath County now costing 382, 136. The number of sold year over year in Klamath County were up 175%. There were 11 closings in the residential market in Klamath County this week. So a hundred and [00:01:00] 175% increased. That's because the year before was so low. The number of listings in Klamath County year over year are down 6%. We had 211 active listings on so MLS this week in Klamath County. We had zero foreclosures closed this week in Klamath County, zero short sales and zero million dollar residential closings in Klamath County.

This week, Josephine County prices year over year were down 13 percent this week. The average single family home costing 385, 938 in Josephine County. The number of sold year over year were down 46 percent this week. Again, because of the slow week last year there were eight residential closings in josephine county this week. The number of listings year over year are down this week 7% in josephine county. We had 275 active listings on [00:02:00] SOMLS. Foreclosures were zero. The short sales were zero and million dollar residential closings in josephine county this week all zero.

Jackson County prices year over year this week we're up 2%. The average single family home costing 513, 333. The number of sold year over year this week in Jackson County were down 58 percent, again because it was a slow week the year before. Number of residential closings in Jackson County were 15. Number of listings year over year in Jackson County were down 5%. There were 594 active listings on SOMLS this week. Number of foreclosures were zero, number of short sales were zero. But there was one residential million dollar sale closing in Jackson County this week. It was for 1. 3 million dollars and it was in Ashland.

So we're going to do like we talked about [00:03:00] in a couple of weeks, some general 2023 numbers. It's going to be very interesting. We'll try to track it by quarter as well. And then we'll compare what we've been looking at for our own numbers to what we find in the local market reportings and also national. So it's going to be very interesting towards the mid end of January.

In the meantime, we still have a pretty active market, especially for winter, a little unusual. So give me a call. Give me a text. Let's talk about what you want to do with your real estate. My number is 541-301-7980.

We should have a pretty nice year for 2024. We're predicting a lot more listings and maybe, maybe a normal neutral market by the middle of the year. So maybe by June, July, we'll see. But for right now, we still have a shortage. We still need more listings. And if you're buying, the rates have come down a little bit and the prices are still a [00:04:00] little bit soft.

So it's that perfect storm if you're a buyer and if you're a seller, you won't have very much competition and we still have a lot of buyers out there. So think about it. Okay. Give me a call. Give me a text. Have a great rest of the week and we'll look forward to seeing you next time. Bye now.

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