Southern Oregon Market Update 6/9/21

Southern Oregon Market Update for 6/9/2021

See below for full video transcript

6-9-21 Southern Oregon Housing Market Update

Good morning, Southern Oregon, Alice Lema here, broker John L. Scott. And I'm going to give you the market statistics for the week ending in June 9th, 2021. So we still have kind of a wild ride out there. We have quite a duality. We have in the luxury market, which in Southern Oregon is considered $800,000 and up, we have buyers withdrawing their offers if the seller drags their feet in responding. And why is that a big deal? Because that's the buyers pushing back. That's the buyers, seeing other stuff come online and say, look, you want to sit around and wait for multiple offers. Be my guest. I'm taking my million dollars and going somewhere else.

[00:00:41] And not only is that happening more frequently, the seller is being left high and dry with no other offers. So listen up people. If you have one of those big ranches or you have one of those multimillion dollar properties, treat those buyers offers with respect, respond quickly, respond accordingly and just don't mess around because it's not the sellers market it used to be.

[00:01:05] Now having said that, let's talk about the practical fist fights that are happening in the lower markets. And we still have up to 25 showings per house. And in that $300,000 price range and below and in Jackson county and in Josephine county. But again, the buyers are not really jumping like they used to.

[00:01:28] You might get 25 showings, but you might only get three offers. And mathematically, that is the market speaking that it's not as hot as you think it is. So again, I've been saying this for months now. I think the tsunami of listings is coming. I think it's showing up a little bit more every week and sellers need to be careful. And buyers are just having the time of their life really cause it's nice to have choices.

[00:01:50] Now having said all that, let's talk about what the statistics look like this week. So in Jackson county, we had 144 new listings. We had 150 pending sales. We had 121 closed sales. We had 20 cancel. We had 35 back on the market. Those are people that lost their buyer or the buyer, if you were the buyer, you withdrew your offer. And then we had 27 days average on market. So that's almost a month.

[00:02:18] And remember if you listen to this every week, you know, cause you're educated that a normal market is four to six months. So Jackson county is now at 27 days, not 27 minutes. So again, that is the market speaking.

[00:02:33] So in Jackson county, our average sale price is $470,000 and some change. Yeah. Oh, it's. Yeah. Yeah, but if you listened to my podcast this week, I'm talking about what people are doing with all that money. And it's quite interesting.

[00:02:49] So, let's talk about our average sold price to list price ratio. In Jackson county 99.6% that's still real high. Now let's look at Josephine county. Josephine county had 70 new listings, 53 pending sales, 49 closed sales, 20 withdrawn. Those are people that gave up. 16 back on market. 24 average days on market in Josephine county. That's headed towards a month. And the average sales price in Josephine county this week was $446,000 again.

[00:03:27] Oh my gosh. But we're going to watch over the next 12 months and see if those prices don't come down right. Okay. So Josephine county, the average sold price to the list, price ratio, 97.8%. So it's not 99, but it's also not 90, so it's still pretty high, but it starting to fluctuate.

[00:03:48] Now my, my new favorite county Klamath county just love the deals up there. Love the lifestyle. Lots of good opportunity up there. If you're an investor, you should look, look up at Klamath county. But let's look at the new listings in Klamath county. This week, 73, 73 new listings, that's more than Josephine.  Klamath county had 76 pending sales. Klamath county had 52 close sales, three canceled. So that's not very many.  Back on market in Klamath county was 23, average days on market in Klamath county was 62. That's a little shorter than last week. So again, fluctuating, but that's a cheap two full months. So it's, it's trying to, to, to stretch out to a more normal market in Klamath county. And then the average sales price in Klamath county, $170,000.

[00:04:40] Isn't that awesome? Yeah, that's great. That's absolutely great. In fact, if you're willing to spend $250,000 or $300,000 in Klamath, you can actually get a pretty nice house. With a yard and maybe a little bit of RV parking., Klamath county, average sales price. $170,000 and some change, Klamath county average sold price to list price ratio this week 96%.

[00:05:02] So there you go. Those are the statistics for Jackson county, Josephine county and Klamath county for the week ending June 9th, 2021. I'm Alice Lema, I'm a broker at John L. Scott here in Southern Oregon. Please reach out if you've got any questions, concerns, or there's something you want to do with your real estate.

[00:05:19] My number is (540) 301-7980 that's (541) 301-7980. And don't forget, listen to the podcast this week because it's got some good tips for how to take this market. Keep the payment you've got already and get a bigger place. So check it out. Have a great weekend folks. Talk to you next week. Bye now.


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