Market Update Jan 8 2024

Market Update Jan 8 2024 for Southern Oregon Residential Homes Sold

Full Video Transcript Below

Market Update Jan 8 2024

[00:00:00] Alice Lema here with John L. Scott Real Estate in Southern Oregon with another edition of our market update. We do this every week. This is for year over year residential, finishing January 8th, 2024, and it compares to this week from 2023. So you're going to see some, some spikes and some valleys because of the holiday. But as we're coming out of the holiday, we're also starting to see some trends forming here.

It looks like we're bottoming out and getting ready to start going back up again. Let's start with Klamath County. Klamath County year over year this week in residential, prices were down 11% from last year. The average single family residential home in Klamath County this week costing 356, 778. The number of sold year over year in Klamath County are up 133 percent with 14 residential [00:01:00] closings in Klamath County this week on SOMLS. The number of listings are down seven percent in Klamath County. There were 212 active listings on SOMLS this week. There were zero foreclosures, zero short sales, and zero million dollar residential sales closed in Klamath County this week.

Josephine County prices year over year are down 15 percent this week. The average single family residential home in Josephine County now costing 394, 844. The number of solds year over year in Josephine County are up 800 percent with 18 closings SOMLS on the residential market. And that is again, because of the compared closings in 2022 this week. The number of listings year over year in Josephine County are down 3% with 268 active listings in so MLS. This week there were zero [00:02:00] foreclosures, zero short sales, and zero million dollar closings in Josephine County this week.

Jackson County prices were up 45 percent year over year. Again, this is because of the comparison to the holiday week last year, but prices at 45 percent in Jackson County year over year, the average single family residential home now costing $686, 298. The number of solds in Jackson County year over year up 3 percent with 29 closings on S. O. M. L. S. This week. The number of listings in Jackson County are down 1 percent year over year. We had 593 active listings on S. O. M. L. S this week in Jackson County.

We did have two foreclosures closed this week, one in central point for 256, 000. It was a double wide manufacturer on land for 256, 000. And then we also [00:03:00] had a foreclosure in central point that closed at 585, 000. It was 20 acres with a 500, no 5, 000, over 5, 000 square foot house that foreclosed in Central Point this week for 585, 000. There was zero short sales that closed in Jackson County this week. But we also had 2 million closings in Jackson County this week. One was part of the Patrick Duffy estate in Eagle point. It's sold for 5, 750, 000 which was almost 2 million over asking for that particular parcel. Then we also had a million dollar full price in Ashland for $1 million even. So it's interesting that we'd have two foreclosures and $2 million sales in the same week.

But that is again, why I'm pretty convinced that our [00:04:00] market is leveling off and trying to get its sea legs and start moving into more of an a more normal market. So more normal market will start to show a few short sales, a few foreclosures, and maybe not as many million dollar sales, but a stable market would be really great.

In the meantime, I'd love for you to give me a call or give me a text. Let's talk about what you want to sell or you want to buy. My number is 541 301 7980. That's 541 301 7980. Also invite you to check out the podcast this week. It's going to be talking about the countdown to closing and how buyers and sellers can have a smoother end of the transaction and also the radio show this week. We interviewed Megan McPherson of farmers insurance talking about some of what happened with the fire map in 2023 and how insurance is going to be moving forward in Southern [00:05:00] Oregon. Very, very interested, very interesting interview with Megan McPherson. So lots and lots of educational information. Please subscribe. Bye now.

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