Market Updates Feb 19 2024

Market Updates Feb 19 2024

Full Video Transcript Below

Market Update Feb 19 2024

Alice Lema: [00:00:00] Hey, real estate fans. Welcome back to the weekly market update for housing, Southern Oregon. I'm Alice Lema, a real estate broker in Southern Oregon for John L. Scott. And this week things are a little bit on the downside, but that's our ongoing volatility. For more details about what's happening and cause and effect you can watch the broadcast for this week. We're going to dive deep into some of the underlying conditions, but let's just talk numbers.

Okay, we do this every week. And yes, they are micro movements, but that's how we know when a trend is starting. So this week, we're going to talk about Jackson County first. This is year over year residential, so Jackson County prices year over year up 1%. The average single family home in Jackson County this week now costing 465, 710. The number of sold year over year in Jackson County [00:01:00] residential were down 60%. We closed 17 this week. The number of listings year over year in Jackson County were also down, but only 1%. That's about you know, neutral, at five hundred and fifty eight active listings on S. O. M. L. S. We had zero foreclosures closing in Jackson County this week. We had zero short sales closing in Jackson County this week and we had zero million dollar closings in Jackson County this week in the residential markets.

Josephine County prices year over year in the residential market this week, we're down 12%. The average single family home in Josephine County this week costing 441, 202. The number of sold year over year and Josephine County were up 27%. We had 14 residential closings in so MLS this week, number of listings year over year and Josephine [00:02:00] County were neutral. We had 258 active listings on S. O. M. L. S. This week in Josephine County in the residential market.

Klamath County year over year prices this week were down 13%. The average single family residential home this week and climate county costing 278, 750. The number of sold year over year and Klamath county were up 25%. We had 10 closings in the residential market. In Klamath County this week on S. O. M. L. S. The number of listings in Klamath County are down 13%. We had 199 active listings in the residential market on S. O. M. L. S. We did have one foreclosure in Klamath County, it was in Bonanza, and it was 150, 000 at closing. We had zero short sales in Klamath County and zero million dollar closings in Klamath County this week in [00:03:00] the residential market.

Now, looking at these numbers, you might say that's not so bad. But we were on more of an upward trend and we were starting to build some consistency with that trajectory. And as I mentioned the podcast is going to dive deeper. It has to do with interest rates going up and hovering right around the 7 percent range again. And the reason I'm bummed is because you can feel it in the market, if you're out there buying and selling. There's there's a sluggishness again, and I'm not surprised to look at these numbers. We're going to watch these trends week to week.

And it's all going to be fine folks because real estate marches on, whether the markets up markets down market stable, we're always able to get through it and that's why I do these little educational videos every week. It's so that we can have some strategy and [00:04:00] also be prepared because knowing what's going on is, is really your best weapon.

And yes, people still buy and sell no matter what, remember back when the world fell apart in 2009. We still did transactions. So I don't want to cause alarm. We always have a way of getting through it. And that's why you should call me at 541 301 7980. That's 541 301 7980. And that's why. I should be your agent.

I'm great in these situations. I'm good with changing markets. Always wonderful to help first time homebuyers, downsizers, upsizers, people who want to live in the country or on the river, people that want to buy investments. There's always opportunity and chaos. So give me a call, give me a text and let's get ready to take advantage of what opportunities are out there right now.

Okay. In the meantime, have a beautiful Southern. Oregon weekend. We'll see you next week. [00:05:00] Bye now.

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