Southern Oregon Market Update 5/28/21

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5/28/21 Housing Market Update-1

Good afternoon, Southern Oregon, Alice Lema here, broker John L. Scott. And we have our stats for the week. This is our market statistics for May 19th to May 26,  another, another tumbler of a week. We still have the trend of more listings coming on. They're still being absorbed fairly quickly. Our prices are stabilizing,  and our back on market is still really high.

[00:00:31] We still have a lot of cancellations, but they go back into the market. Most of them get purchased again within a couple of weeks. So, definitely in the transition period, it's starting to feel a little less intense, a little less frenzied, but definitely not relaxed. We still need more listings. So, if you're thinking of selling, please call me in the meantime, let's go over our numbers.

[00:00:56] So Jackson county this week had 158 new listings. Josephine county had 62 and Klamath had 80. We have a pending sales in Jackson county of 166. We have pending sales in Josephine county of 51, and we have pending sales in Klamath county of 65. In Jackson county we had closed sales of 97 and Josephine county, we had closed sale of 43 and in Klamath county we had closed sales of 57.

[00:01:29] So you can see that our, our new listings coming on and the pending sales on the closed are still cycling at a pretty good clip. But we are definitely getting more listings, which is fabulous. And here's some of the interesting numbers I wanted to talk to you about today are canceled listings. In Jackson county were 16, our canceled in Josephine county were eight, and are canceled in Klamath county were eight.

[00:01:55] Now let's also add the back on market. Back on market in Jackson county was 33. The back on market in Josephine county was 16. And the back on market in Klamath county was 14. So, if you add the back on market in with the new listings, and then you look at, what was pending and sold, it starts to give you a slightly calmer picture.

[00:02:19] But I, I use that word carefully, because we need to have this happen over and over again, week after week after week until we have a normal market again, or maybe even a slight softening. So, stay tuned week by week. We'll track it for you.

[00:02:34] So right now, our average days on market in Jackson county is 21. Now remember what is a normal market. You remember it's 120 days to 180 days. So that's four months, five months, six months is a little more stable market. It takes that long for a house to sell. So in Jackson county, we're up to 21 days. That's almost a month in Josephine county our average days are 47.

[00:03:05] So that's starting to get closer to two months. And then in Klamath county, our average days on market is 78. That's starting to get closer to two and three months.

[00:03:15] So you can see week by week, these little micro movements, we're headed into a little more stabilized market. In Jackson county our average sales price is still high, it's $443,000 and some change. In Josephine county the average sales price is still high. It's $386,000 in some change.

[00:03:37] And Klamath county the average sales price is $184,000 and some change. And Klamath county is the new it girl. We have lots and lots of people selling their property in Jackson and Josephine county. Taking their remote work or starting a new business or getting a job in Klamath county and getting the deal of a lifetime up there, plus low taxes.  And there's a lot of great services up there. It's a fabulous place to live. So we're watching more of that migration trend even with our own locals.

[00:04:07] So let's look at our average sold price to list price ratio. And this is important to know because this tells us about what sellers and buyers can expect to receive and pay in this kind of a market. So Jackson county, this week, the sold price to list price ratio was 99.8%. So that means that people are paying about full price. In Josephine county our average sold price to list price ratio is 96.5%. That's still pretty high, but it's not quite full price.

[00:04:44] And then in Klamath county, the average sold price to list price ratio is 96.35. So about the same as Josephine county, which I find interesting, because typically Klamath county, is a little slower, a little lower demand. But you can see these are all our friends and neighbors moving up there that are, paying, paying closer to full price than we're used to in Klamath county.

[00:05:10] And that's giving those sellers expectation of about 96%. So those are our statistics for the week ending in May 26th. And I'm around all weekend. If you need some help, if you want to chat about your property or about making a purchase, you can give me a text. Give me a call. My number is (541) 301-7980

[00:05:35] Also would appreciate giving a thumbs up on the stats video, make a comment, share it with your friends, share it with your family. It's an educational post. We want to be the most helpful as possible. So let us know what you think of this content. All right. Have a fabulous, Memorial Day. Blessings, all the service people and their families, especially those who have lost someone, go and visit your family and friends this weekend and just have a beautiful time.

[00:06:05] We'll see you next week. Bye now.