Southern Oregon Market Update 4-30-21

Below is a full transcript of the video

4.30.21 Housing Market Update

Good afternoon, real estate fans, Alice Lema here, broker John L. Scott here in Southern Oregon with our weekly stats ending in the week, April 30th, 2021. So this week in Jackson County, we had 150 new listings, 134 pending sales, 92 closed sales, 10 canceled sales. Those are people that gave up 36 back on market.

[00:00:24] Those are people who they lost their, their escrow. Four median days on market $365,000 average. So that's an interesting week. We have more listings than we did last week. Our sell rate is about the same. Our closed rate is about the same. Our canceled and back on market is higher in Jackson County this week than it was.

[00:00:49] And if you add the new listings with the canceled in the back on market in Jackson County, that would be 150 properties plus 10 canceled plus 36 back on market. So again, I keep watching the ratio every week and it changes a little bit. Almost every single week to be a little more balanced market on its way.

[00:01:11] At some point in the future, we'll have a buyer’s market again, because that's how real estate cycles are. They average about nine to 11 years. So we're kind of overdue. But our market was artificially, boosted up twice last year, once because of the COVID. And then because of our fires. So we're watching carefully every week for things to level off.

[00:01:36] And I think, I think it's happening. Josephine County actually had fewer listings than it did last week, but it's still running about the same, listings to sales. So that's kind of an interesting phenomenon. Josephine County is actually moving a little quicker than Jackson County.

[00:01:57] But let's talk about the numbers. Josephine County is 48 new listings, 47 pending sales, 55 closed sales, six canceled, 11 back on market. The median days on market for Josephine County is five and the median sale price this week was three Oh five, $305,000, which is down from last week in Josephine County.

[00:02:19] Klamath County, 48 new listings, which is down from last week. 58 pending sales, 48 closed sales, four canceled, 17 back on market, nine median days on market at $185,000 median sales price. So the median sales price in Klamath County is about the same as it was last week. If you're looking at these numbers and you wonder how you can have more pendings than new listings is because you have to add on not only the new listings, but however many listings were on the market, that day when everything, all the numbers were pulled, but then you also have to add back in the canceled sales and the back on market. And in, in Klamath County at 17 back on market and four canceled and then 48 new listings. So that's, that's how all those magic numbers work.

[00:03:13] So our market is trying in fits and starts to stabilize. There's still some really great deals out there. And if you're a renter or a first time home buyer, I want you to make sure to go back to the top of the newsletter and watch that video. We interviewed Melissa. She happens to be my daughter, but she's, gracious enough to kind of reveal what her process was like.

[00:03:34] And I think it's not only educational, but it's a great reminder that people don't always realize they can buy a house. Or if they can't buy one right now, they could buy one in four to six months. One of my friend’s kiddos from Ashland called me a couple of weeks ago and it turns out she's only six months away from being able to buy her own home.[00:03:54] And she didn't know.

And, and Melissa was doing this too. She was kind of like, not checking, not checking with the lender to see what it was and, and sure enough she could do it. So if you have any millennial or first-time home buyers in your circle, have them watch that. I think there'll be very encouraged. But it's also very honest, not all of it was peaches and cream. Which is why we kind of jokingly call it the millennial Falcon. For you star Wars fans, it's a, the Falcon spaceship didn't always run. And when it did run, it was kind of clunky. And that's how it feels to the first time home buyers. It's kind of in fits and starts.

[00:04:33] So anyway, hope you enjoy it. I'm around all weekend. We’d  love to hear from you. If you've got any questions, if you're thinking about doing a purchase or you would like to sell something, we could still use more listings. In fact, we still have that elderly couple from Central Point that wants to live in Grants Pass, cash buyers.

[00:04:52] So call me if you know anybody in Josephine County. Actually they'll look at all Josephine County. And then we also have another couple who would like to live on the flats in East Medford. Smaller, newer construction would be ideal for them, and they could be cash as well. So keep those folks in mind.

[00:05:12] We'd love to find them a place to live. And again, I'm around all weekend. So feel free to call or text (541) 301-7980. Otherwise have a beautiful Southern Oregon weekend. Bye now.