Demand pushes home sales and prices higher
Existing home sales rose 18.9% in Jackson County and the median price jumped 21% during the last quarter, according to the Rogue Valley Association of Realtors.
While the number of homes on the market is 26.8% lower than last year, the inventory increased 11.5% since June, and pending sales in July were off 6.3% from last year.
Statistics for May 1 through July 31, 2021, showed that home sales increased 18.9% over the same period last year. In Jackson County, 825 homes sold during the quarter, compared to 694 last year.
The countywide median price for the quarter was $381,000, up 21% from the $315,000 reported during the same time period in 2020.
Homes spent an average of 18 days on the market during the quarter, compared to 43 days last year.
The median price for a rural home in Jackson County was $625,000, up 28.3% from last year’s $487,000. During the quarter, 187 rural homes sold, with an average of 38 days on the market.
Colin Mullane, spokesperson for the Rogue Valley Association of Realtors, said he doesn’t envision the housing market changing much in the near term.
“I don't see anything that's going to bring more inventory to the market. Our builders are already stressed to the max,” he explained. “We are also not expecting to see an increase in interest rates that would cause buyers to pull back from the market.”
The seller’s market is exacerbated in the Rogue Valley by the number of people who lost their homes to fire last year, he said.
The median price of a home in Ashland increased from $462,400 to $522,500 from July 2020 to July 2021. In the same time period, the price in Talent went up from $315,000 to $399,950 and in Jacksonville, it rose from $410,000 to $627,500.
In Phoenix, the median price fell from $385,000 to $375,000, and in Eagle Point it dropped to $360,000 from $392,500.
One thing that surprised Mullane was that there was more new construction being sold this year, 95 homes, than last year, 87.
“Right about the time of the fires, I would have predicted we’d see a drop off in new construction, as those builders turned and focused on the rebuilding aspect,” he said. “So it's interesting how we balanced that. We're doing a lot of rebuilding, and we're still building new homes.”
“This is an extraordinary market,” he said.