Southern Oregon Market Update for July 28, 2021

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Market Update July 28, 2021

Well, good morning real estate fans, Alice Lema here, broker John L. Scott here in beautiful Southern Oregon with our weekly edition of our market statistics for housing in Southern Oregon. So this week we did definitely see a lot more listings come on. The market prices are softening ever so slightly.

[00:00:18] Properties are still getting sold. So let's start with Klamath county. This week in Klamath county, new listings were 89. Closed sales in Klamath county were 49, pending sales in Klamath county were 59. Back on market were 16, back on market are people that lost their buyer escrow. So you're going to start seeing that happen more as buyers get more fussy. Klamath county canceled and withdrawn we had eight. Those are people who completely gave up Klamath county.

[00:00:47] Average days on market is 107 this week. So more than three months. And Klamath county average sales price, 236,000, almost 237. And the average sold price to list price ratio, the difference between what somebody listed for, to what they received when they sold in Klamath county this week was almost 92 and a half percent. So that's still good. That's still a nice market, but it's definitely leveling off.

[00:01:15] Okay so let's check in with Josephine county. Josephine county this week, new listings were 68. The closed sales in Josephine county were 40. The pending sales in Josephine county were 49. Back on market in Josephine county were 20. The canceled and withdrawn in Josephine county were 14. The average days on market in Josephine county were 22. So not quite a month. And the average sales price in Josephine county was $436,000 and some change, which for us is still high. We'll watch it every week to see if that comes down a little bit.

[00:01:51] And Josephine county average sold price ratio to list price was 98% and some change. So still pretty, pretty strong. Jackson county new listings this week were 166 with Jackson county closed sales at 101. Pending sales in Jackson county was 126. Back on market in Jackson county was 40, sorry, this is Jackson county.

[00:02:17] So back on market in Jackson county was 40. Jackson county canceled and withdrawn were 22. Average days on market for Jackson county is 19. So getting on three weeks and the average sales price in Jackson county is $461, 600. So almost $461,600 almost. Yeah, still pretty high. So the average sold price to list price ratio in Jackson county was 98.49.

[00:02:46] So that's 98 and a half. That's still pretty strong, but again, we're seeing lots and lots of listings. We are going on lots and lots of listing appointments. Now we're getting ready to put a lot on the market and all price points. The luxury market is still saturated. Luxury market is still a bonafide buyer's market.

[00:03:05] And because of low interest rates, there are people who are qualifying to purchase in those price points that never would have before. So it's a, it's great hunting $800,000 and over that's what Southern Oregon considers the luxury market. And then watch as the leveling off happens and the stabilizing starts creeping down into the lower price points.

[00:03:26] We'll start seeing more days on market. Softening of the prices and a lot more listings compared to what's closing and a stabilizing normal market is a good thing. Folks, you know, welcome this with open arms. It means that we'll have a lot more to choose from. It means people who are selling can actually sell.

[00:03:45] And I think that's driving a lot of the sellers because they can actually sell their home and find something else to move into, if they're staying in the area. We still have a high percentage of people leaving the area. Some of them are tenants. Some of them are homeless. Some of them are taking jobs somewhere else.

[00:03:59] Some of them are retiring early. Some of them are investors. We still have a lot, a lot of landlords selling and they're buying somewhere else because for their finances it pencils better. So that's our update for this week. These are the market statistics ending in July 28th here in Southern Oregon.

[00:04:19] I'm Alice Lema broker John L. Scott here, Medford, Ashland, Grants Pass and Klamath. I'm here to help. Please let me know if there's something I could do. I want to be your agent. My number is (541)301-7980. Have a beautiful weekend. Bye now.