If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Jackson County market.
Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home or make an offer.
Our market report showcases everything you need to know about local real estate trends.
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Jackson County, December 5, 2022 -
November Sales slowed down compared to last year's levels mostly due to higher interest rates and questions about the economy.
This last month there were 171 closed sales compared to last year's 353!! There has also been a slowdown with Rogue Valley sellers on deciding to put their homes on the market. This last month we had 178 new listings, compared to last year's 307 new listings.
Sellers now understand that to compete they need to be more realistic on their prices, and often are contributing to buyer closing costs. We are seeing sellers that are pricing more aggressively. It is important to note that marketing times are increasing and returning to Pre-Covid normal marketing times.
The big question right now is... is the market crashing? I don't believe it is. I do expect LESS sales this coming year, as those who don't really need to sell, likely won't. Their need to sell may not outweigh letting go of the insanely low interest rates. However, most experts agree that the interest rates should settle in around the 6% range come spring time. Once the market accepts that as the new reality, we anticipate the market to go back to normal activity levels. ...by normal, I mean what we saw before 2019. The craziness of 2020 and 2021 will be a thing of the past.
Buyers who need to transact, based on marriages, deaths, moves for jobs and expanding families will certainly still happen. As that starts happening again, the market will normalize. We may see a 5% decrease on sales prices from 2021...however, in overall equity position, it is still a GAIN from 2019.
I partnered with a system that gathers all data from our local MLS and shows the leading indicators happening on a weekly basis. For example, watching how many homes are falling out of escrow, the current inventory levels, the Market Action Index, and more. Not only are we creating these reports on a weekly basis, but we're watching them by zip code and by market segment, which gives us more insight into the market as it happens.
If you'd like to watch the Market Report by these leading indicators, just subscribe by clicking on your desired city.