Market Update Oct 17 2023

Full Video Transcript Below

Market Update Oct 17 2023 - for the Counties of Jackson, Josephine and Klamath

[00:00:00] Hey, everybody, welcome back to the market statistics for Southern Oregon. This is for the week ending October 17th, 2023 for the residential single family home market, all three counties. Let's start with Klamath Falls, Klamath Falls Klamath County.

Prices year over year are up 9%. Congratulations, Klamath Falls, the average single family residential home now costing $362,592. The number of sold year over year in Klamath County is down 30%. There were 16 closings in the residential market in Klamath County this week, and the number of listings year over year this week in Klamath County are up 14%. Good for you, Klamath County. There's 281 active listings this week. In the residential area in Klamath County. There were no foreclosures in Klamath County this week. No short sales and no million dollar [00:01:00] properties closed in the residential area in Klamath County this week.

Josephine County prices year over year this week were down 1%, so just about dead even. This is making Josephine County residential properties average $449,747. The number of sold year over year in Josephine County this week were down 60 percent. Another inventory problem. There were 15 closings in the residential area this week in Josephine County. The number of listings were down year over year in Josephine County nine percent. There were 355 residential listings active this week in Josephine County, there were zero foreclosures, zero short sales and 0, 000, 000 closings in the residential area in Josephine County this week.

Now, Jackson County has a little different story this week. Prices were up. Year over year this week in Jackson County up [00:02:00] 6%. Congratulations, that's a big deal. The average single family residential home now costing 520, 772. The number of sold year over year in Jackson County were down 6%. There were 55 closings in the residential area this week.

The number of listings year over year in Jackson County were down 10%. There were 744 active residential listings in Jackson County this week. There were no foreclosures. There were no short sales closing this week in Jackson County, but there were 4 Million dollar sales. We had two in East Medford, one in Ashland and one in Jacksonville. Interestingly enough, three of those 1, 000, 000 sales were cash. Isn't that interesting?

So our little market in fits and starts, I'm starting to sound like a broken record, but we do have something of a recovery. We [00:03:00] do have other market people watching. People from NAR, people from different websites, people from the government, and we're starting to see a little more encouragement that the market may finish in 2023 with a little tiny bit of up, when this time last year we were bracing for a little bit of down so super exciting.

We're still struggling with not enough listings. And if anybody is thinking of putting their house on the market next year, you might want to consider putting it on now. And we also have people making decisions this time of year if they've been on the market, and they're not getting the showings they want, or they're not getting the offers they want, they're doing some kind of price change. They're doing some kind of gussying up with the property.

Some people are putting in a tenant and some people are going off market. So I still look for a pretty strong fall and a pretty strong winter, which normally in Southern Oregon, we have a little bit of [00:04:00] a sag a little bit of a slowdown. But I'm looking to see some pent up demand from the buyers that waited all year as they were struggling with the interest rate increases and having to get pre approved over and over again.

And then also just not having enough houses to choose from. So it looks like we are, inventory is trying to go up. I know that a lot of the lenders are having a really big October. A lot of the real estate agents are having a really big October. There's a lot of pending signs all around the Valley.

So with that in mind, if you've got any questions or you want to talk about your real estate life, give me a call. Give me a text 541-301-7980 and let's talk about what we're going to do with your next real estate move. Have a beautiful rest of the weekend. Talk to you next week.

Bye now.