Market Update Jan 22 2024

Market Update Jan 22 2024

Full Video Transcript Below

Market Update Jan 22 2024

Alice Lema: [00:00:00] Well, hey, real estate fans. Welcome back to Southern Oregon's Housing Market Statistics. I'm Alice Lema, a broker in beautiful southern Oregon with John L. Scott Real Estate, and this week we're gonna start with Jackson County. Prices year over year in Jackson County are neutral. We have an average single family residential price of $487,405.

Prices are neutral, which is good. We're bottoming. I'm telling you we're bottoming. The number of solds year over year in Jackson County are up 17%. We had 34 closings on our MLS this week in the residential market. Number of listings year over year are down 2 percent which is not that much lately. We had 568 active residential listings on SO MLS this week. We had zero foreclosures closing in Jackson County this week, zero short sales and [00:01:00] 0 million residential properties closing in Jackson County this week.

Josephine County year over year residential prices were down 15 percent the average single family residential home in Josephine County, costing $430, 250. The number of solds were also down in Josephine County year over year this week, and they were down 47 percent from this time last year. We only had nine closings on SOMLS in Josephine County this week. The number of listings were down in Josephine County but only by one percent. We had 274 active listings in the residential market on SOMLS this week. We had one foreclosure close in Grants Pass this week, 205, 000. We had zero short sales and 0 million residential properties closed in [00:02:00] Josephine County this week.

So let's talk about Klamath County, our sister to the north. The prices in Klamath County year over year in the residential market were up 3%. We had an average single family residential price of $279,856. The number of solds in Klamath County year over year were up 28%. Congratulations. Klamath County. They had nine closings on S-O-M-L-S this week. Number of listings in Klamath County were down 13% year over year. This week we have an 196 active residential listings on SOMLS this week in Klamath County. We had two foreclosures close in Klamath County this week. One in Klamath Falls for 158, 000 and one in Chiloquin for 90, 000. We had zero short sales and zero million dollar [00:03:00] residential properties close in Klamath County this week. So we're still bottoming.

We have a lot more inventory coming on the market in part because people feel a sense of predictability a little more than this time last year, but also our spring selling market is coming and we have a lot more listings coming. But the problem if you're selling is you're going to have a lot more competition.

So yeah, sound like a broken record, but if you can get your property on the market before March or April, you'll have more buyers for sure and less competition if you're buying. The problem with waiting is that we don't know how the interest rates are going to go. So right now we have a little bit of predictability just not enough choices.

If you want a lot of choices as a buyer, you should wait until the until the spring market comes. The sellers are not as amenable. They're not [00:04:00] as cooperative in the beginning of as they are kind of at the end. And I know the predictions are for the interest rates to continue to go down, but we haven't really been able to count on the Federal Reserve Bank very much because they do change their mind all the time.

So I don't want to sound like a Debbie Downer and no offense to anybody named Debbie, just, I don't want to sound like a downer, but every market has its pluses and minuses. And so for a seller right now, definitely is the way to go, if you can physically manage to get your house on the market, get your house ready and get it on the market.

If you're buying, there's still more inventory coming up. We have a lot of sellers rising to the occasion right now, even though it's January. So I'm thinking this is kind of the sweet spot. It is this time, January, February, March, but we'll see. And that's why we track these numbers every week.

In the meantime, give me a call. Give me a text. I want to be your agent. 541 301 7980. Would love to [00:05:00] talk to you about what you want to do next. Every market has its pluses and minuses, so it's not necessarily a bad time to buy and not a bad time to sell. And if you want to do some investing, we can talk about that too. Have a beautiful Southern Oregon week.

We'll see you next time. Bye now.

Post a Comment