Market Update March 11 2024

Market Update March 11 2024 for Southern Oregon

Full Video Transcript Below

Market Update March 11 2024

Alice Lema: [00:00:00] Well, hey, real estate fans, welcome back to another edition of the market statistics podcast. I'm Alice Lema, I'm a broker in Southern Oregon with John L. Scott real estate. And this is for the week end being March 11th, 2024. This is residential only year over year. And this is the only the second week since the first of the year, we had all three counties report prices up. Isn't that exciting, you know, and that is specifically a milestone event we have been waiting for.

So let's start with Jackson County year over year. Residential prices are up. 4% this week, the average single family residential home in Jackson County costing $488,121. The number of solds year over year in Jackson County were up 20%. We had 42 closings on S-O-M-L-S this week in the residential market. For [00:01:00] Jackson County, the number of listings year over year are neutral. So about even, but we could call that the new win, right? Because it wasn't lower. In Jackson County this week, we had 593 active residential listings on SOMLS. The foreclosure activity, there were zero closings in Jackson County this week for residential, there were zero short sales closed in Jackson County this week, and 1 million residential closing in Ashland, and it was a fairly nice house on the property, six acres. Congratulations to Jackson County. It was a good week.

Let's check in with Klamath County. Let's see, Klamath County year over year prices were up 19% this week. The average single family home in Klamath County this week, costing $304,560. The number of sold in Klamath County this week in the residential [00:02:00] market, we're up 150 percent. Now that's just because this time last year was stinky, but we did have five residential closings on SOMLS in Klamath County this week. The number of listings year over year in Klamath County were also neutral, so about even as last week. We had 219 active residential properties on S-O-M-L-S in Klamath County. This week we did have one foreclosure close in Klamath County. It closed for $130,000 and it was in La Pine. Short sale closings were zero and million dollar residential closings in Klamath County this week were zero. But again, we had a very good week in Klamath County, so congratulations to you.

Let's check in with Josephine County. Josephine County prices year over year this week were up 9%. The average single family home in the residential market in Josephine [00:03:00] County this week was $413,708. The number of solds in Josephine County were down 42% compared to this time last year. There were only 12 closings on, so MLS in Josephine County this week. The number of listings were up 4 percent year over year in Josephine County. There were 263 active listings on S. O. M. L. S. In the residential market in Josephine County this week. We did have two foreclosures close in Josephine County this week. One was they were both in Grants Pass. One closed at $186,000, and one closed at $368,000. Again, both in Grants Pass short sale closings in Josephine County this week were zero. A million dollar residential sales in Josephine County this week were zero. So except for the number of [00:04:00] solds in Josephine County, and that is an ongoing inventory problem, Josephine County came in fairly strong. So congratulations for Southern Oregon. All three counties pretty much on an uptick.

This could be the beginning of a new trend, but I want to caution both buyers and sellers. In these two ways, sellers, this does not mean that you can charge anything you want. It just means that for the second time, since the new year of 2024, we're having a good week. Okay. And, and the caution I have for you sellers is if your property has been on the market 30 days or more, and you are not in escrow or you've had offers and they were way different than Your price.

You got to think about that. Talk about that. Remember, you got to do something to the property or do something to the price. Or both. Buyers, if this is the beginning of a trend, I don't want you to panic. I mean, it's good to get out there and get [00:05:00] your, your property in escrow sooner than later, just in case.

But I don't know that the prices are going to really spike. We, we need either a different kind of economy, usually, historically for those spikes to happen or an outside event. COVID would be our most recent example that would cause properties to spike and they don't usually stay. They usually come down as we've seen in the last few years, even though they didn't come down that much, they did come down a smidge.

If you're just entering the market and you're a seller, be cautious of the valuation for your neighborhood. Resist the temptation to go too high just because it's March. Having said that, all agents do pretty much what their seller wants, but you should listen to the market data, especially if you're trying to buy another house.

The, the offers sellers that you're writing on other houses might, you know, they might balk at taking your [00:06:00] offer if they look and see your 50 or 60, 000 too high. Okay. And those are just numbers I pulled out. You could be 20, 000 too high, but too high is too high. Buyers again if you're just entering the market, make sure your pre approvals are rock solid.

There are some lending entities that don't do very much in the beginning. And us real estate agents, we know who they are and we're caution. We're cautioning the buyers and the sellers to resist working with lenders if they haven't done a full vetting. So buyers, if you're just entering the market, make sure your lender is pulling not only your credit report, but also your tax returns.

And if you have a lender, that's willing to underwrite you, which some of them will now, that makes for a much stronger offer. As the market heals and get better, as we don't know how long it's going to take, but as it does start to change, there will be more [00:07:00] multiple offer situations and buyers, if you're the ones that were fully underwritten, or if you're cashed, then you will be at the top of the list when it comes to any potential multiple offer situation.

So I'm happy for us. Yay. All three counties. In the meantime, I want you to call me text me. I want to be your agent. Great listing agent, great buyers agent. We've got a lot of wonderful opportunities now for tenants to become homeowners. We have opportunity for tenants to become landlords. We have opportunities for landlords to get out of being landlording. And we also have landlords that can buy more units. Downsizers, riverfront, rural property, horse property, anything you want to talk about real estate is my bag. So call me 541 301 7980.

That's 541 301 7980. And let's at least have a conversation about what you want to do next. Especially if the market is changing again, [00:08:00] let's at least Give you the pros and cons of what it might mean in your real estate life. Also please subscribe to our channel. We'd love having a few more members getting these automatically and please feel free to share with your friends and family.

In the meantime, have a beautiful Southern Oregon weekend. We'll see you next time.

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