Market Update March 2024

Market Update March 2024

Full Video Transcript Below

Market Update March 4 2024

Alice Lema: [00:00:00] Hey, everybody, this is the weekly housing statistical update for Southern Oregon, and this is for the week ending March 4th, 2024. I'm Alice Lema. I am a broker here in Southern Oregon with John L. Scott real estate as you can see the sign behind me. And we do all three counties every week.

And this week we're going to start with Klamath County because we have quite a bit of good news there. Klamath County year to date prices are up 16 percent in the residential market this week. The average single family home selling for 327, 786. The number of sold year over year are also up in Klamath County this week, year over year. There are 14 Closings on S. O. M. L. S. and Klamath County residential. The number of listings year over year in Klamath County, we're about dead even. There are 224 active listings in the residential market in Klamath County on S. O. M. L. S. This week. We had one foreclosure close [00:01:00] in Klamath County this week. It was in Klamath Falls and it sold for 375, 000. There were zero short sales closing this week in Klamath County in the residential market. And zero million dollar closings in Klamath County in the residential market this week.

Josephine County is prices year over year were down 4%. The average single family home in Josephine County this week, selling for $424,978. The number of sold year over year in Josephine County were down. 15%. There were only 16 closings in Josephine County this week on, SO MLS in the residential market. The number of listings in Josephine County, however, were up 3%. Yay. There were 266 active residential listings in Josephine County on so MLS this week. There were, there were one foreclosure closed in Josephine County, [00:02:00] and surprisingly, it was a newer construction. It was 20 2007 built. It was a single family, a single story home, and it sold for 351, 000 in grants pass. There were zero short sale closings in Josephine County this week and zero million dollar closings in Josephine County.

In the residential market this week, Jackson County prices were up 19 percent year over year in Jackson County residential. Congratulations. The prices this week were now 546, 788 residential for Jackson County this week. Congratulations. The number of solds in Jackson County this week year over year however, we're down 12%. There were only 41 closings in the residential market on SO MLS in Jackson County this week. We're still having inventory problems in all three counties. Number of listings year over year in Jackson County were down 1%, not [00:03:00] too bad. There were 579 active listings on SOMLS in Jackson County residential market this week. We had zero foreclosures closed in Jackson County this week, zero short sales closed in Jackson County this week.

But we had 3 million sales closed in Jackson County in the residential market this week. We had one in Eagle Point for 1. 2 million. It was riverfront on the Rogue River, always carries a premium. We had another one in Eagle Point, closed for 1. 1 million, and it was 77 acres with a nice house. And we had One in Jacksonville closed for 1.04 million. Congratulations to all those folks that had their million dollar closings.

So interesting market statistics. This week we're seeing a little more buoyancy in the prices year over year. We're also getting into our spring market. If you wanna check out the podcast this week we're gonna be [00:04:00] talking about the spring forecast 2024 crisis specifically. But some people are still priced too high and they're getting showings but not offers.

Some people are priced too high, not getting showings at all, or there's something about the house or the neighborhood that's impacting their showings. If you're buying, then you're in the, Six to seven point something interest rate, unless you're buying for cash. And that's a different podcast, but if you're getting a mortgage, then don't be afraid to ask for help with your closing costs.

Don't be afraid to ask for a little bit of contribution from the seller to help buy down your interest rate. Also, you know, the sellers are a little bit more flexible right now about. The move out date about maybe throwing in extra appliances or extra equipment. If it's a real property, they're also a little more flexible about doing [00:05:00] repairs.

It's not always like that. And the predictions are that if the interest rates do go down that the prices will respond by going up. None of us are fortune tellers. We're not psychics, but we do have some cause and effect in our markets right now. The interest rates are hovering in the high sixes for the most part.

So we're all getting a little used to that. But if you're buying, don't be afraid to ask for a few more things. And if you're selling, listen to what the feedback is from your showings and your open houses and make your adjustments accordingly. In the meantime, I would love to be your agent. Give me a call or a text 541-301-7980 be happy to help you out. Have a beautiful Southern Oregon weekend. We'll talk to you next week. Bye now.

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