Southern Oregon Market Update 4-23-2021

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Southern Oregon Housing Market Update 4.23.2021

Well now let's get a look at our stats for this week. Ending April 23rd, 2021 in Jackson County, we have 140 new listings, 137 pending 98 closed, eight canceled and 32 back on market. Now the 32 back on market and eight canceled, that's 40 and we had 140 new listings, 98 closed. So I still think those ratios are kind of high.

[00:00:28] I still think that's the undertone of buyers just pushing back. And it's not really the seller’s market we think it is.  But we'll watch week to week, but I think it's changing before our eyes. And Jackson Count, we still have a very quick time on the market. And median, six days on the market and a median price of $356,000.

[00:00:49] Now, just to reminder folks, that's for three bedroom, two bath residential houses that are about 1500 to 1700 square feet. That's how we're calculating our numbers right now. And one thing I did want to mention, this is another clue that the market is changing, normalizing maybe a little bit softening the number of luxury properties. So six months ago, the, the million dollar and up properties, because that's a small fortune here in Southern Oregon, that's a lot of money to us.  But, but back then, you know, before the election, before, the vaccine was readily available, those houses were selling really quick.

[00:01:28] Now they're languishing and we now have 42 properties in Jackson County alone listed over a million dollars. So if you're in that price point, boy, you gotta, you gotta really think long and hard how we're gonna market this. What strategy we're going to use, what, target buyers we're going to go after because, it's, it's a bonafide buyer's market in that million dollar plus range.

[00:01:53] Okay, so that's Jackson County. Josephine County had 57 new listings, 52 pending sales, 45 closed, six canceled,  15 back on market. So that's 15 plus six that puts us at about 21 problematic properties. When we had 57 new listings, see it's the, it's the proportion in my opinion. So I still see a lot of undercurrents of the market shifting from being completely in the power of the sellers to evening out.

[00:02:25] And this is Josephine County, we're talking about. So 57 new listings, 52, pending sales, 45 closed, six canceled 15 back on the market. Median days on market, it's still real quick, even in Josephine County, it's 10 days. But the average, I'm sorry, the median price, cause that's different than an average, the median price in Josephine County is $342,000, which that has come up quite a bit in the last few months. That, that has really accelerated.

And then on the luxury side, which I'm watching that for clues now in Josephine County, there's 13 properties over a million dollars, and that's quite a few for that County and they are sitting, they're not, they're not getting sold as fast.

[00:03:11] They don't have a 10 days on market, for example. So, just a heads up. I think that that is another clue that the market is starting to soften. Klamath County is, 60 new listings, 63 pending sales. So that County is accelerating in its activity. 60 new listings, 63 pending 39 closed. Excuse me, four canceled 10 back on market.

[00:03:38] And then the median days on market in Klamath County is 14. And the median sales price this week was $184,000, which again, that prices is come up, especially in the last few months, quite a bit. Now, if you're going to eyeball the luxury market in Klamath County, there's seven properties listed over a million dollars.

[00:03:59] And we'll keep our eye on that because again, in Klamath County, that is a bonafide buyer's market. Those properties are not lasting as long either. So if you add all the luxury together, you've got 42, 13 and seven that's 62 million dollar properties in Southern Oregon. Right. 62 and we've got more coming.

[00:04:19] I'm bringing, several on in the next few next few weeks. They, we can't really talk about it, because of the MLS rules, but they're definitely, multi-generational, they're all farms. One of them is working farm one is, resting if you will. But if you're thinking about getting into that kind of a property or you want to look at it because of the opportunity to bring,  entire generations of family together and have some income I think it's a great, it's a great alternative.

[00:04:51] Plus the interest rates are so low. I don't think people realize that you could end up with a really, low mortgage payment on a house. Really expensive property if we do it right. So, they'll have to do with down payment and stuff like that. And the, the kind of loan you're in and down, you know, interest rate and et cetera.

[00:05:08] But anyway, it's an excellent opportunity. We'll check the stats again next week. So have a beautiful Southern Oregon weekend. Enjoy yourself. We'll talk to you again next week. This is Alice Lema broker John L. Scott (541) 301-7980. I'm around all weekend. If you've got some questions, if you just want to chat, give me a ring.

[00:05:30] Give me a text. Bye now.