Market Update Oct 10 2023

Full video transcript below

Market update Oct 10 2023

[00:00:00] Well, hey, real estate fans. Welcome back to the market statistics for Southern Oregon housing. I'm Alice Lema. I'm a broker at John L. Scott real estate here in Southern Oregon. And I'm so excited this week because we have the beginning of an uptick in all three counties. So we've been waiting for that. And it's not like super strong, but I want to share with you the tiny bit of good news at a week when we could show you some good news, right?

Okay, let's start with Josephine County. 1st, Josephine County prices year over year this week are up 19 percent congratulations. Josephine County. This is residential single family home only. Just a reminder, the average single family home residential property now costing an average of 488, 905 in Josephine County this week. Way to go. The number of properties [00:01:00] sold year over year in Josephine County are down 45 percent this week. We've got 11 that were sold, again, single family residential in Josephine County. The number of listings year over year are down this week, 11 percent in Josephine County. We had 345 residential properties on the market. We had zero foreclosures closed this week in Josephine County, zero short sales and 0, million dollar residential properties close in Josephine County this week, but they were up 19 percent year over year. Very, very good.

More good news, Klamath County prices year over year this week were also up 18%. Yay. Got two counties in a row. The average single family home in Klamath County now costing 397, 540. [00:02:00] The number of sold year over year, this is residential Klamath County were down year over year this week, 46%. We had 14 closings in the residential market in Klamath County. The number of listings year over year in Klamath County are up 20%. Yay. And we had 285 active listings in the residential market in Klamath County.

Jackson County prices year over year were stable, so it was zero, but. I'm so happy and I want to say yay. We had two counties up quite a bit and one county stable. This could be the beginning of something, but that's why we watch it every week. Okay. Okay. Back to Jackson County prices year over year are stable. The average single family home in Jackson County costing an average of 507, 473, which is what it was this time [00:03:00] last year. The number of solds year over year in Jackson County are down 22%. We had 46 residential homes closed in Jackson County this week. The number of listings year over year are down 10%. See, we had 743 active residential listings in Jackson County. We did have a foreclosure that closed in Jackson County this week. It was in Eagle Point. It was for $235,000, which was full price. It was a cash buyer. The house itself was 968 square feet. So tiny cottage, but it was on 1.45 acres in Eagle Point. So somebody got a good deal on that one. Short sales in Jackson County closed zero.

But we did have a million dollar sale, and that was in east Medford. And again, this is a residential only. So I have one residential million dollar property [00:04:00] East Medford. It closed at 1. 1 million, which was below below asking. It was a house that was 4098 square feet and it was on 1. 49 acres in East Medford, so I don't want to make things sound better than they are because I don't do that.

I, I'm a data person, but I'm really happy to see that we're getting some stability in the price. It's a little bit up compared to last year. Now it's a, it's a volatile market. There's an awful lot going on and the interest rates went up again a little bit. So it's tough out there, but what's interesting is people are still buying houses, but the prices are a little bit soft. The prices are not as soft as we thought they were going to be.

In fact, on the radio show this week, we had the tax assessor for Jackson County, David Arrosmith. He's on the [00:05:00] show and that's a really good episode because he's talking about the market and also historic data for Jackson County. And I think that we're going to finish the year with a little bit of appreciation in all of our counties. But we're gonna have to wait and see. This is only October, but we're starting to get a little bit of steam as long as the weirdness of the world and the trauma of the world and the interest rates, you know, don't cut us off at the knees, so to speak but we're going to watch it every week and see what happens.

In the meantime, if you're buying right now Then you want to definitely have a good strategy, maybe a plan B. And if you're selling, there's not enough listings on the market even though we're getting more people putting their homes on the market and all of the price points, we still don't have enough.

We're down in some cases. 10 percent 20 percent or more in some, in some weeks we're [00:06:00] down like 50%. So if you're thinking of selling early next week, you have an opportunity right now. I sound like a broken record, don't I? But here's the thing. The weather's still mostly good. We have our, our sunny warm times in the afternoon like we do in the fall of Southern Oregon.

And we still have some buyers out there. They're still slugging it out with the lenders with the with the closing costs with the fact that there's some real estate changes possibly coming down the pike where buyers may be having to either pay for their own real estate commission, their own real estate agent, you know.

Or it's going to be documented differently. It's going to be separated. There's a lot of legal stuff going on in the United States right now in the next couple of weeks. So there'll be more podcasts on that and more information, but the point is for the market statistics and for buying and selling right now, there's still some great opportunities.

And [00:07:00] opportunity is what we get when we have. Weird markets, volatility does breed opportunity if you can stomach it. So if it's not a cool time for you, then that's fine. Sit it out, wait, wait till another cycle. But if you're thinking of selling, you might want to get it on the market right now, or at least get your photographs done.

And if you're buying, just hang in there. It's going to happen and be bold. You know, if there's a house you like, write an offer and see what happens. Okay. And in the meantime, call me, text me. I want to be your agent. Want to help you buy, sell, invest, great with Riverfront, great with downsizers, upsizers, first time home buyers.

It's all my bag. So please call me, text me 541-301-7980 so have a great Southern Oregon weekend and we'll see you again next week. Bye now.