Market Update Oct 8 2023

Full Video Transcript Below

Market Update Oct 8 2023

[00:00:00] Welcome back to market statistics for Southern Oregon. This is for the week ending October 3rd, 2023. It was a little bit of a traumatic week in the financial markets, but we still have people buying houses. In fact, we have a little bit of good news. Let's start with Jackson County. This is single family residential only. Jackson County year over year prices are up 6 percent this week. Congratulations Jackson County. The average residential home now costing 515, 995 in Jackson County. The number of sold homes Year over year this week down 22%. Again, it's an inventory issue. We had 245 sales in residential in Jackson County this week. The number of listings in Jackson County only down 12%. I know we just say only now. And again, this is A great time for people [00:01:00] to put their house on the market.

But Jackson County listings year over year, this week, we're down 12%. We had 960 residential homes active. We had zero foreclosures close this week. We had zero short sales close this week in Jackson County, but we did have a million dollar plus sale in Jackson County, hold onto your hats. Everybody. It was 2, 850, 000. It was below asking. It was in Southwest Medford and it was 4, 308 square feet home on 6. 92 acres. Congratulations. And every time we have one of those big sales in any of the counties, it's another indication that the market is stabilizing, getting better. We could be at our bottom. It's what we've been saying for months. Now all that is predicated on the world not getting any more weird, but so [00:02:00] far our little Southern Oregon is holding its own.

Let's go to Josephine County now. This week, Josephine County year over year prices are down two percent. So, stabilizing average single family home in Josephine County now costing 455, 334. The number of solds year over year this week in Josephine County are down 7%. Again, not that much. We had 92 sales of residential in Josephine County this week. Number of listings in Josephine County year over year this week are down 9%. We had 460 active residential properties on the market in Josephine County.

The foreclosure market this week there were zero closings in Josephine County, zero short sale closings in Josephine County, and zero million dollar residential homes closing in Josephine County this week.

Klamath County prices At a little bit of a [00:03:00] dip they were down year over year this week, 8%. The average residential home in Klamath County now costing 321, 155. The number of sold year over year in Klamath County were down 14%. This week with 89 closings in the residential market number of listings year over year this week we're up 19 percent in Klamath County. We've had kind of a consistent buoyancy of people putting their homes on the market in Klamath County, which is great.

Try to even out the market a little bit. This week we had 368 active listings in Klamath County this week, and we had zero foreclosures, zero short sales and zero residential million dollar plus sales in Klamath County. So, every week, one of the counties does well sometimes two, we're still waiting for that perfect everybody's up all in the same week in the same category. But [00:04:00] we're seeing again. I don't mean to sound like a broken record, fits and starts, fits and starts. In the meantime, we still have a lot more buyers than sellers. Not so much in the lower price ranges, but definitely in the five to million dollar price range and the lower price ranges, we're starting to see multiple offers again.

We had several situations where this would be, I would say under 400, we are getting multiple offer situations. Again, if you have a house on the market and it's not selling listen to the feedback, do something inexpensive to bring the house a little more up to snuff or perhaps lower the price price frequently fixes a lot of things.

If you don't want to lower the price, then consider going off the market for the rest of the winter and trying again next season. Now we don't really know what the world is going to be like, could very easily be in a different market [00:05:00] next spring. So you can put that in the mix with your decision making.

We hate to see anybody go off the market because we still have more buyers than sellers by a little bit, and it's still a great time to sell and perhaps buy the The next property that's better for you than the one you're in now. So that's it for now. Please give me a call. Give me a text. Let's see if we can get your property on the market.

Let's see if we can get another rental or a better property for you for your next step in life. My number is 541-301-7980. Give me a shout and let's help you make the next step in your real estate life. Bye now.