You reported the median price jumps for single-family residence in Jackson County earlier this week; it's astounding. But how do we stack up against San Francisco and Seattle?
— Charlie K., Medford
While many people consider Ashland's $415,000 median sales price for existing houses to be obnoxiously high, they might topple over if they saw the sales agreements for shanties in the Bay Area and Puget Sound.
Northwest Multiple Listing Service this week reported Seattle’s median single-family home price hit $777,000 in February, $20,000 more than the previous all-time high set in January.
On the Eastside, the median cost of a house was $950,000, or $12,000 more than the peak price from two months ago.
Home prices grew at 15 percent or more in every county in the Puget Sound region.
Last week, Irvine, California-based real estate analytics firm CoreLogic reported the median price for the resale of an existing house in the Bay Area rose 11.8 percent to $712,000. Median gains have hit double-digits for the past six months.
Real estate insiders say tight inventory and a growing, well-paid workforce — far above what you see in Jackson County — contributed to the continued climb. Scarcity of homes for sale is driving up bids.
Of course, contributing to the escalating costs is a nondescript, 848-square-foot, two-bed, two-bath house with a one-car garage in Sunnyvale — the heart of Silicon Valley — which fetched $2 million, a record $2,358 per square foot.
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