Some properties hot, some not, in Jackson County
If you’re asking $350,000 or less for your Jackson County home, chances a buyer will snap it up by the official end of summer in late September.
If your residence is priced north of a million dollars, however, chances are it will still be your home for the holidays in 2019.
It boils down to supply and demand.
“We have a two-month supply of homes for sale below $350,000,” said Terry Rasmussen, an agent with John L. Scott Real Estate in Medford. “It’s still a seller’s market if you’re below $350,000.”
There is a three-month supply of homes priced up to $500,000 on the Southern Oregon Multiple Listing Service system, and it ratchets up to a 22-month supply for million-dollars properties, Rasmussen said.
“If you are in the luxury home market, buyers have the upper hand,” he said. “It’s a little slow on the upper end, even stagnate, so million-dollar buyers can be choosy when they move up here.”
The pace of existing home sales in Jackson County picked up 8.9 percent during a three-month period ending July 31, with 832 transactions taking place compared to 764 a year ago. The countywide median sales price bumped up 6.8 percent to $288,250, from $270,000 a year earlier, while the average time on market remained 34 days.
Pending sales for July rose 1.1 percent year-over-year despite persistent wildfire smoke.
“If a person needs to buy a house, they’re still going to go out and find the house they need,” Rasmussen said, noting there were 16 more sales this July than last July at his office. “The smoke isn’t suppressing sales.”
Every urban area tracked by SOMLS saw a higher median price tag over the past three months, with the biggest jump in northwest Medford ($269,900) and west Medford ($222,950).
The median price for Ashland’s 122 sales was $440,000, while Jacksonville’s median for 19 transactions was $425,000. The median price for 268 sales in east Medford came in at $308,850, a 5.8 percent increase over July 2017.
However, there are pockets of resistance to the upward trend.
Eagle Point saw the lowest median gain (1.4 percent) to $281,489 for 68 sales, and the July year-over-year median was $269,900.
“We’re seeing something we haven’t around the Eagle Point Golf Course for a while — price reductions,” said Gail Schoeneberg, an agent with Re/Max Integrity in Medford.
The apparent reason is that people don’t want to be that far from their jobs or children’s activities. She said 22 listings around the golf course have been on the market for an average of 111 days.
“Even though people like the quality of homes, they don’t like the drive,” Schoeneberg said. “We’re seeing a correction.”
“The Oregon dream is still alive in most people’s minds,” she said. “They’re looking for property just outside of town — 1 to 5 acres. That type of property is insulated from the correction. Where you’re seeing downward pressure on houses in the $5 (hundred thousand) to $700,000 range, and even in the 4’s some places, those properties just outside of town will still get multiple offers, bidding up the price.”
The present inventory of houses available through SOMLS is up 6.5 percent to 1,133 from 1,064 a year ago.
— Reach reporter Greg Stiles at 541-776-4463 or firstname.lastname@example.org. Follow him on Twitter at www.twitter.com/GregMTBusiness or www.facebook.com/greg.stiles.31.