Market Update Sept 5 2023

Full Video Transcript Below

Market Update Sept 5 2023

[00:00:00] Well, hey, real estate fans. Welcome back to Southern Oregon's market statistics for all three counties. I'm Alice Lema. I'm a broker here in Southern Oregon with John L. Scott real estate. And I'm here to say we're still seeing a little uptick here and there and fits and starts in one or more of our three counties.

One of the things I'm waiting for is to have an uptick in all three counties at the same time. So here we are with September 5th, 2023, starting with Klamath County. Our prices in Klamath County are up year over year, 9 percent this week. Congratulations, Klamath County. The average residential home now costing $336,259.

The number of solds year over year in Klamath County this week are down 42%. We had 16 residential closings in Klamath County. The number of listings are up in Klamath County, [00:01:00] 18%. Again, congratulations to Klamath for that. We had 285 residential properties listed this week in Klamath County. We did have two foreclosures close in Klamath County this week. One for 85, 000. Didn't even know you could get a deal like that. 85, 000 was the closing. It was 23 percent over asking price. It was a cash deal. And it was a two bedroom, one bath in town. It was only 650 square feet, but still congratulations to that buyer. That must've been quite a coup. The second foreclosure in Klamath County closed this week, even lower at 59, 000. It was also a small cottage 773 square feet. It was a two bedroom, one bath, and it actually closed below full price, 59, 000. Congratulations to those people. So those were our foreclosures in Klamath County this week. We had zero short [00:02:00] sales close and zero million dollar residential properties close in Klamath County this week.

Jackson County prices year over year this week were up 2%. Not much, but congratulations to Jackson County for that. The average single family home in Jackson County now costing $498,452. The number of solds year over year in Jackson County this week were down 30%. There were 54 residential closings this week in Jackson County.

The number of listings year over year in Jackson County this week are down 20%. There were 693 residential properties listed this week in Jackson County, we had zero foreclosures closed in Jackson County. We had zero short sales closed in Jackson County, but we did have 2 million closing in Jackson County this week. And this is after last week's 3 million, three closings in the million dollar range in Jackson County. So you see, we're [00:03:00] starting to get some legs maybe, but that's why we watch this every week.

The million dollar properties in Jackson County that closed, one was for 1. 1 million dollars in East Medford. It was a 3000 square foot property on 21 acres, and it was below asking, but it had been on the market almost five months. The other million dollar property that closed in Jackson County this week was in West Medford, and it was almost 2500 square feet on 18 acres. It was below full price, and it was only on the market, 23 days. That's really fast in this kind of a market. So congratulations to those folks. Both of those million dollar sales were financed with conventional mortgages. They were not cash, but looky there.

All right, let's do Josephine County. Prices are down year over year in Josephine County, but only by 2%, the average [00:04:00] residential single family home in Josephine County this week will cost you $428,072. The number of solds in Josephine County year over year are up 19%. Congratulations. We had 25 closings this week in Josephine County in the residential market. The number of listings year over year in Josephine County this week are down 8%, but that's not very much. And we have 367 listings active in Josephine County this week. We had zero foreclosures close in josephine county this week. Zero short sales close in josephine county this week but we had a million dollar sale closed in Josephine County this week for 1. 19 million. It was in the Murphy section of Grants Pass. It was riverfront property 300 i'm sorry 3200 square feet on [00:05:00] 4. 5 acres. It was only on the market 34 days. It was below full price, but it was 375 feet of riverfront on the Applegate River. So congratulations to those folks. Boy, that's quick.

Now see, you can start to see some trends here. We watch this every week to see if They get legs, as I say, but we have 2 million properties closing one in Josephine County and one in Jackson County, and they were both on the market less than 40 days.

So the luxury market, the million dollar properties and on up in price usually take longer to sell, especially in a market like this. So again, it gives me a little bit of hope for the rest of 2023. Give me a call. Give me a text. Would love to talk to you about your real estate needs. My number is 541-301-7980 You can [00:06:00] text or call.

Let's talk about getting your place on the market. Let's also talk about you doing some purchases. You know, these slower markets don't last forever. And right now it's one of those unique opportunities where it's great to sell because you don't have that many properties to compete with. And it's still great to buy only because Southern Oregon historically does well, even in some of the bumpier economies.

So again, give me a call. Give me a text. Would love to be your agent. Otherwise have a great rest of the week and we'll see you next week with more market stats for Southern Oregon housing. Bye now.