Market Update June 10 2024

Market Update June 10 2024

Full Video Transcript Below

Alice Lema: [00:00:00] Hey, real estate fans. Welcome back to the market statistics podcast. I'm Alice Lema. I'm a broker with John L. Scott real estate in beautiful Southern Oregon. And this week we do have some bumpiness starting to creep back in. And we're going to talk about that for all three counties, Jackson, Josephine and Klamath.

Let's start with Jackson County because it has the best news so far. Jackson County year over year residential prices are up 13 percent this week. The average single family home is now selling for $535, 219. The number of solds in Jackson County this week year over year are up 29%. We had 53 closings in the residential market this week. Number of listings are also up 6 percent in Jackson County year over year. We have 777 active listings on SOMLS this week. The number of foreclosures that closed this week in Jackson County were zero.

There were zero short [00:01:00] sales that closed, and there were a million, three million dollar closings in the residential market in Jackson County. We had, a 1. 0 million in East Medford. It was about a half acre with a 3600 square foot house on it. We had a 1. 0 million in Ashland that was almost an acre, 4000 square foot home on it. And another one in Ashland for 1. 2 million that was about half an acre with a 3000 square foot house on it. So congratulations, Jackson County, congratulations to those million dollar listings. So overall Jackson County is doing well in price. They're also selling more houses because they have more listings. There are not any foreclosures this week and no short sales. So, we're really liking how Jackson County is looking.

Josephine County is showing some signs of stress. Year over year prices in Josephine County this week were down 16 percent in the residential market. The average single family home in Josephine County [00:02:00] now selling for 385, 207. The number of solds year over year in Josephine County are down 5%. There were 17 closings on SOMLS this week. In josephine county number of listings are up 10 percent in josephine county there were 378 active listings on SMLS this week in the residential market and that's year over year.

Let's see zero foreclosures, zero short sales, and zero million dollar closings in Josephine County this week. So Josephine County is showing more listings, which is great because we need them, but the prices are going down this week and the number of sales are going down. And usually we like to see the number of sales going up when the listings are going up. So we're going to keep an eye on that because You know, it could be just a one off but that's why we do this every week, because if it starts to show a trend, we want to see that early on.

Klamath County prices year over year [00:03:00] this week are down 12 percent. The average single family home in Klamath County, 322, 818. The number of sold year over year in Klamath County this week are down 15 percent. We had 17 closings on SOMLS in Klamath County this week in the residential markets. Number of listings in Klamath County this week are up year over year, 19%. There are 296 active listings on SOMLS in Klamath County in the residential markets this week.

We had zero short sales, zero foreclosures, and zero million dollar residential closings in Klamath County this week. Now Klamath County is showing some signs of stress as well. We've got listings up almost 20 percent year over year with the number of sales down and the prices down. So again similar to Josephine County, those are our top three.

Two weaker counties market wise, not being derogatory folks, [00:04:00] love both counties, have lots of friends and family in both counties. Jackson County is our stronger county. It's looking good. But this week, you know, we're just going to have to keep an eye on these other two counties and and see what's going on.

Now, one of the things I want to recommend you do this week, besides calling me for a listing or to buy a house, but I want you to check out our podcast for the general market because we're having a buyer's revolt starting to show up on the national, national housing scene. And that is playing into some of what's going on in Southern Oregon.

So if you want more details, see our podcast will be on YouTube in the meantime, do give me a call. Give me a text 541 301 7980. That's 541 301 7980. We'd love to be your agent. Great listing agent. Great buyers agent. Good when the market is wonky. And also good just for consultation. Maybe we just want to talk about some of the possibilities for what's coming up next in your real estate life. So just reach out and let's see what we can do. [00:05:00] Meantime, have a beautiful Southern Oregon weekend. We'll see you next time. Bye folks.

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