Home prices increase by over 55%

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Over the last 5 years the median price of real estate in Jackson County has increased 55.6%! What makes these numbers even better is that most of the price increase has come in the last three years as 2011 and 2012 weren’t great years for real estate values. Homes are selling quickly, pending sales are up and the number of homes available on the market is dropping. To everyone’s surprise, interest rates have stayed low and are still below 4%.  There is a general housing shortage in Jackson County and new home starts aren’t keeping up with the demand. From 2007 – 2013, during the housing crisis, there were very few homes or apartments built in Jackson County and we’re feeling that now. We have had population and age growth so lots of millennials are now moving out of their parent’s basement looking for housing. Retirees are back in large numbers and many of them who tried to retire in the late 2000’s had to wait for their equity to return in their homes and their 401K’s to return to pre-recession values. On the rental front, rental rates are going up yearly and the supply is going down; so, there is lots of competition for rental homes, especially those priced under $1,000 month.

  • First quarter median home prices in Jackson County up 55.6% over the last 5-years
    • Rural Homes prices increased 28.4% with the current median price at $297,000
    • New home prices increased 52.1% with the current median price at $250,850
    • Central Point prices increased 72.5% with the current median price at $222,200
    • East Medford prices increased 42.6% with the current median price at $240,000
    • West Medford prices increased 79% with the current median price at $146,500
    • Jacksonville prices increased 24.2% with the current median price at $399,900
    • Ashland prices increased 45.6% with the current median price at $349,900
  • Inventory of homes for sale is down to 780 homes. A decline of nearly 20% from same time last year
  • Distressed home sales are down. Bank owned sales are down to 4.1% of the total home sales and Short sales are down to 1.4% of the total home sales. These are great numbers and it means that the number of distressed homes is low enough to not affect the overall sales prices of non-distressed homes.
  • Homes Sold are up 13% over the same time last year. About 80 more homes sold the first quarter over the same time last year.
  • Homes Pending are up 25% over the same time last year. About 50 more homes are selling per month compared to the same time last year.
  • New listings are down 2.5% over the same time last year – combine that with more buyers in the market and the days on the market fall by 32.4%.
  • Inventory is down to 2.3 months’ supply, which is down almost 37% from the same time last year

The housing outlook in Jackson County should remain the same for the rest of 2016 as interest rates stay low, the economy picks up, unemployment continues to decline and population growth increases. New housing developments have started on the old Cedar Links golf course and at Stewart Meadows between Garfield, Hwy 99 and Stewart but it may be too late for the finished homes to be available in 2016. All in all, the housing market has bounced back and is going strong!

 

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