Median home prices in Talent skyrocket to almost $400,000
The median price of homes sold in Talent skyrocketed to nearly $400,000 — with prices in other Jackson County cities also seeing significant increases.
A year ago, the median sales price of a Talent home was $267,500 for the quarter that ended Jan. 31, 2020. The median sales price spiked to $396,500 for the quarter that ended Jan. 31 of this year, an increase of $129,000, according to data from the Southern Oregon Multiple Listing Service.
Median prices countywide rose from $300,000 a year ago to $345,000 this year in urban areas.
Prices are climbing as buyers compete in a market that has seen the inventory of houses fall to historic lows, according to the Rogue Valley Association of Realtors.
There are currently only 212 homes on the market in the county, down from 635 a year ago, said Scott Lewis, a Realtor with John L. Scott Real Estate and past president of the Southern Oregon Multiple Listing Service.
Although real estate agents and buyers are taking safety measures such as wearing masks when they tour homes for sale, some buyers are reluctant to put their houses on the market during the pandemic, Lewis said.
Houses that do go on the market are being snatched up more quickly. Sellers are often fielding multiple offers. The average time on the market dropped from 58 days last year to 31 this year, according to MLS data.
Low interest rates for mortgages and the need for housing are keeping buyers in the market.
The number of existing homes sold in the county for the quarter that ended Jan. 31 was 627, up from 574 in the same quarter a year ago, according to the Rogue Valley Association of Realtors.
Talent was hard-hit by the September 2020 Almeda fire that destroyed whole neighborhoods of single-family houses along with mobile home parks, apartments and businesses.
There is stiff competition for houses in Talent, Lewis said.
“People are trying to get back home,” he said.
Phoenix, which also suffered widespread damage in the fire, saw more modest price increases. Prices rose from $295,000 last year to $312,500 this year, MLS data show.
The county’s most expensive towns, Ashland and Jacksonville, continued their upward trajectory. Median sale prices in Ashland climbed from $433,876 to $510,000, while Jacksonville jumped from $453,500 to $549,750.
Prices are also climbing in the county’s most affordable areas.
West Medford median prices grew from $229,000 to $255,450. The Gold Hill and Rogue River areas jumped from $235,000 to $324,020 — the second-highest percentage jump in prices behind Talent.
White City went up from $230,500 to $267,250.
Lewis said he has represented buyers who were burned out of Phoenix and decided to move to White City.
“It’s a very competitive situation. It will take a long time for houses to be rebuilt in Phoenix,” he said.
While the number of homes sold in Talent remained almost even compared to last year, sales dropped by almost half in Phoenix for the quarter that just ended.
Northwest Medford prices rose from $270,000 to $291,000, southwest Medford increased from $289,000 to $320,000, and east Medford climbed from $302,500 to $355,000.
Central Point prices moved from $300,000 to $331,748.
Eagle Point prices jumped from $279,210 to $360,000, and Shady Cove increased from $315,000 to $348,500.
Both towns were threatened by the South Obenchain fire last September, which burned dozens of rural homes in northern Jackson County.
John L. Scott Real Estate is categorizing sales intensity for all homes up to $750,000 in the “extreme frenzy” state. The company categorizes sales activity for homes from $750,001 to $1 million as “strong.”
As of Jan. 1, there were only nine houses for sale in the county priced under $250,000. That represented less than a two-week supply of homes, according to data from the real estate company.
There were 28 homes priced in the $250,000 to $350,000 range, representing just an 11-day supply of homes.
If the inventory of homes falls below five months’ supply, that’s generally considered to be a good market for sellers, Lewis said.
The advantage switches to buyers when the inventory of available homes rises over six months, he said.
There is currently an extraordinarily low supply of houses for sale, Lewis said.
“The numbers from Jackson County are mind-blowing,” he said.
There is less than a one-month supply of homes for sale in the $350,000 to $750,000 range.
There is a two-month supply of homes priced at $750,000 to $1 million and a three-month supply of homes priced over $1 million, according to John L. Scott Real Estate.
Reach Mail Tribune reporter Vickie Aldous at firstname.lastname@example.org. Follow her on Twitter @VickieAldous.