Southern Oregon Market Update July 12 2023

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Southern Oregon Market Update July 12 2023

Alice Lema: [00:00:00] Well, hey, Southern Oregon. Here's the local statistics for the week ending July 12, 2023. I'm Alice Lema. I'm a broker here in Southern Oregon with John L. Scott Real Estate, and we have three counties to report on.

And this week, we're going to start with Klamath County. The price is year over year in Klamath County, and again, just a reminder, this is residential, single family home in Klamath County only. Other kinds of real estate have other kinds of stats. So single family residential Klamath County weekend being. July 12th, the prices year over year are down 12% to an average $345, 138. The number of sold year over year in Klamath County are down 25% and the number of listings year over year are up 1%. So that's super exciting. The foreclosures closed this week in Klamath County, we actually have one and it closed at [00:01:00] $141, 266, which was over full price by the way. And it was a 1, 218 square foot stick built frame house on 0. 41 acres. So there you go. We've got over full price foreclosure in Klamath County closing this week. We have zero short sales close this week and zero million dollar properties close this week in Klamath County.

Josephine County prices year over year are up 1% to an average $518, 830. The number of solds in Josephine County are down 28%. The number of listings are down 13%. And we had foreclosure closed this week in Josephine County as well. And it's sold for 255, 000. And that was over full price as well. And it was a 1, 092 square foot home on 0. 15. [00:02:00] Acres, and it was also stick built frame. We have zero short sales closed in Josephine County this week and 0 million properties closed in Josephine County this week.

Let's look at Jackson County prices in Jackson County year over year are up 6%. Congratulations to Jackson County, the average single family residential home now costing you $511, 726. The number of solds in Jackson County year over year are down 20% the number of listings in Jackson County this week year over year are down 19% and we do have another foreclosure in Jackson County as well. So we've got a foreclosure, one foreclosure in each county closing this week. The Jackson County foreclosure was in East Medford. It sold for $261, 000 which was also over full price. It was a 1, [00:03:00] 467 square foot home on 0. 5 acres. And it was also stick built frame. We have zero short sales closed in Jackson County this week, but we also had a million dollar closing in Jackson County this week. We had one, it sold for 1 million. 1. 3 million in central point, and it was a 3380 square foot home on 2. 3 acres, and it was full price.

So interesting statistics were watching the market start to change. We have one foreclosure in each county. A normal foreclosure and short sale rate is in a normal market is quite a bit higher. And also we have starting to see more million dollars sales which means the market is also changing. Now the interest rates are quite high this week. They're at an average of 7. 5 and that's for [00:04:00] regular conventional FHA. The VA interest rates are lower, but we can see that the buyers are still out there and we still have a shortage of inventory.

So if anybody is thinking of listing, even in the next 12 months, you might want to see if you can scurry around and get it on the market right now because you won't have as much competition. There's still plenty of buyers out there that are writing good offers and you might get closer to your list price.

So give me a jingle 541-301-7980, or give me a text and let's talk about what we're going to do next in your real estate life. I'm Alice Lima, a broker at John L. Scott. Have a great week. We'll talk to you next time. Bye now.

Alice Lema (541) 301-7980