Market Update May 13 2024

Market Update May 13 2024

Full Video Transcript Below

May 13th, 2024 Southern Oregon Housing Market Update

Alice Lema: [00:00:00] Hey, Southern Oregon. Welcome back to another edition of the Market Statistics for all three counties, Jackson, Josephine, and Klamath. This is for the week ending May 13th, 2024, and we are showing some signs of improvement in the supply of listings in our little southern Oregon. But we still have some bouncing around in the price department, but let's get to it.

Specifically, let's start with Jackson County, prices year over year in Jackson County are up 4 percent in the residential market. The average single family home this week costing 503, 568. The number of sold year over year in Jackson County were down 20%. We had 40 closings in the residential market on SOMLS this week. The number of listings year over year in Jackson County in the residential market we're at 15%. So we had 553 active listings on SMS this week. [00:01:00] Very, very exciting. So let's go to the foreclosures. We did not have any foreclosures or short sales close in Jackson County this week, but we did have two million dollar deals close. One was in Ashland for 1. 0 million. It was almost 4200 square foot home on almost an acre, and we also had one in East Medford close for 1. 0 million. It was a half acre lot and 3600 square foot house. Congratulations to those folks.

Let's move on to Josephine County. The prices in Josephine County year over year this week were neutral. The average single family home in the residential market costing right around 413, 000. The number of sold year over year in Josephine County were 14% year over year. That's great news. We had eight closings on, So MLS in Josephine County this week. The number of listings in Josephine [00:02:00] County were up 14%. Yay. We had 343 active listings in So MLS Josephine County this week. Foreclosures were zero, short sales were zero, million dollar residential sales in Josephine County were zero this week.

Klamath County prices were up year over year 13% .The average single family home in Klamath County this week costing $309,580. The number sold year over year in Klamath County were down 9% this week. We had 10 closings in the residential market in Klamath County on S-O-M-L-S this week. The number of listings year over year were up 13 percent in Klamath County. We had 262 active residential listings on SOMLS in Klamath County this week. Zero foreclosures, zero short sale closings, and zero residential million dollar sales in Klamath County [00:03:00] this week.

So what does this mean in the middle of May? It means that all three counties are up over 10 percent in the supply department. Jackson County is up 15 percent. Year over year this week, Josephine County is at 14 percent and Klamath County is up 13%. We still do not have quite enough supply to meet the demand of the buyers, but we have more than it was last year. We also are still bobbling around in the price department. Some weeks it'll be up, some weeks it'll be down, but it is trying to level off. And just a little side note, nationally this week, some of the economic reports that came out, there's the beginning of a national trend of prices trying to come up, but it's more like half a percent, not even quite a whole full percent. And that's all very fragile and very fresh. [00:04:00] But Southern Oregon is a destination location. We oftentimes outperform the national statistics.

So speaking of which please check out the podcast for this week. We're going to talk a lot about what's going on in the supply. But also I'd like to hear from you if you want to buy or sell a property or you just want more information. My number is 541 301 7980 that's 541 301 7980 I want to be your agent. I want you to call me. I want you to text me. Let's talk about what we're going to do as the next step of your real estate life.

Okay. Have a great Southern Oregon weekend. Hug those you love. We'll see you next time. Bye now.

Post a Comment