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MailTribune.com
  • Home prices rise, but sales slow

    Recovery continues in Jackson County; median value of rural transactions jumps 30%
  • Even with an expanding inventory, the pace of existing home sales slowed during the past three months.
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  • Even with an expanding inventory, the pace of existing home sales slowed during the past three months.
    While the median sales price of existing houses rose 5.6 percent, the Jackson County market saw an 18.3 percent decline in sales between Nov. 1 and Jan. 31, compared with a year ago, according to figures compiled by the Southern Oregon Multiple Listing Service.
    The countywide median price during that period was $192,750, a solid year-over-year bump from $183,000. Houses that sold also disappeared from the market faster, with an average of 53 days on the market, compared with 65 a year ago.
    A total of 376 houses were sold during the period, compared with 460 a year ago.
    East Medford had the largest number of houses sold — 104 — and the median price there climbed to $212,500, up 9 percent from the same period a year ago. That was followed by Ashland, with 53 sales and a median price of $350,000, up 6.9 percent from the prior year.
    Normal transactions accounted for 83 percent of the closings. Distressed property sales continued to decline, with just 62 such deals taking place during the three-month run, compared with 162 a year ago.
    The number of rural sales in Jackson County was largely unchanged year-over-year, but the median price soared 30.2 percent to $299,500 from $230,000. Those properties also sold faster than in the past, with the average selling time dropping to 129 days from 162.
    In Josephine County, the median price of an existing home increased 7.4 percent as sales declined. House sales for November through January fell nearly 30 percent compared with the same quarter last year, as the total number of existing homes sold dropped to 73, compared with 104 the previous year.
    The median price in all of Josephine County for the quarter came in at $160,500, up from $149,450 the prior year.
    Reach reporter Greg Stiles at 541-776-4463 or business@mailtribune.com.
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