Market Update Week of July 18 2023

Full Video Update Below

July 18th, 2023 Housing Market Update Video

[00:00:00] Hey everybody, welcome back to the weekly market statistics for Southern Oregon. I'm Alice Lema. I'm a broker here in beautiful Southern Oregon with John L. Scott Real Estate, and this is for the week ending July 18th, 2023. And just a reminder, It's single family homes, residential only other kinds of real estate have different stats.

So let's start with Josephine County prices year over year ending this week down 18%, the average home in Josephine County now costing $422, 520. The number of solds year over year in Josephine County are down 25%. But that has a lot to do with inventory. The number of listings year over year in Josephine County this week are down 15%. Our foreclosures closed in Josephine County this week. We do have one, and it sold for $255,000 in Grants [00:01:00] Pass, a 3 bedroom, 2 bath on 0. 15 acres, and it sold for over full price. Short sales closed in Josephine County this week were zero and million dollar residential properties close this week in Josephine County were zero.

Jackson County prices year over year are down 8%. The average single family residential home in Jackson County, year over year this week, average was $454,772. Number of solds in Jackson County are down very dramatically again because of inventory. Jackson County number of solds year over year are down 48% this week. The number of listings in Jackson County year over year are down 21%. Foreclosures closed in Jackson County this week. We did have one and it sold for $459,500. It was a 2120 square foot home on 11 acres. It was in Trail, Oregon, and it's sold for full price. The number of [00:02:00] short sales closed this week in Jackson County were zero, and the number of million dollar residential properties closed in Jackson County this week were zero.

Klamath County, Klamath Falls prices year over year are down 7%. The average single family home in Klamath County now costing you $367, 345. The number of sold year over year in Klamath County this week are down 35%. The number of listings year over year in Klamath County are up 11 percent. So we're seeing a little bit of traction in one or more counties as we check this every week.

We're still waiting to turn that corner and have consistency in the number of listings and the prices going up. But let's finish Klamath County. The foreclosures for Klamath County this week were zero. The short sales closed in Klamath County this week were zero. [00:03:00] And the million dollar properties in Clement County were zero.

So you can see folks we still have a shortage of inventory. People want to list their house right now instead of waiting till fall or waiting till next spring, you have conditions that are almost ideal. Yes, the interest rates are still crazy, but we still have quite a few buyers out there at all price points.

We do have a glut of inventory on the million dollar plus, but they are selling here and there and the mid range property prices let's say 250, 000 up to maybe 600, 000. Those seem to be moving fairly well. So give it some thought. Give me a call. If you want to talk about your real estate next step 541-301-7980 We'd love to help you with either buying, selling, investing.

Also just great for a chat. If you want some information [00:04:00] to prepare or your kids, how's that? All right. Talk to you later. Have a beautiful weekend.