Real estate activity picks up in Jackson Co.

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September 05, 2009

By Greg Stiles

Mail Tribune

More than 500 single-family residences exchanged hands this summer in Jackson County as real estate activity picked up by nearly 27 percent over the previous year.

"There was a lot more activity than predicted," said Ron Galbreath, an agent with John L. Scott Real Estate. "We've seen a lot of movement in the under $200,000 properties."

For the seventh-straight month, home sales increased by double-digits year-over-year. For the 90-day period ending Aug. 31, Southern Oregon Multiple Listing Service reported 514 single-family units sold compared to 405 for the same period in 2008.

Low interest rates, lower prices and the first-time home buyers tax credits all played a role in the sales as the region's inventory dwindled nearly 15 percent to 2,284 units on the market.

"Median values fell again," said Colin Mullane of Full Circle Real Estate in Ashland. "Foreclosures and short sales are still a dominant part of the market and that's going to keep prices low."

The median sales price for the three-month period was $186,000, down from $190,000 a year ago. Distressed properties under foreclosure proceedings or in short sales continued to drag the median sales price down. Prices have dropped 19.7 percent over the past year, while the five-year decline is now 12.8 percent

The median price for Ashland was $328,500 — highest in Jackson County, while it hit $130,000 in west Medford.

"We're hesitant to say that the market is recovering," Mullane said. "Right now they're still competing against the foreclosed properties. We're selling properties and volume is back up. There is income for Realtors and mortgage and title companies. But until clients can sell their own homes on their own terms, it's not a normal market."

While the lower end of the market has showed considerable improvement thanks to the $8,000 first-time home buyer tax credit program slated to end Nov. 30, the upper end of the market remains stagnated.

"I feel bad for the people in the $300,000 and above range," Galbreath said.

New construction continued to lag, with just 35 units selling countywide during the summer months. The median price for the new homes was $209,900.

Reach Greg Stiles at 776-4463 or business@mailtribune.com.

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