The Good, The Bad, & the Ugly

The Southern Oregon real estate market has seen some bumps and bruises since the west coast erupted in fires last summer. We began this year with a very slow and weak market and then it exploded.  Here is a quick review of the Good, Bad and Ugly that has been our real estate market since last summer.

The Ugly
We began last year with our real estate market reaching a record number of home sales at record prices.  It was a sellers’ market with few homes for buyers to choose from and prices were increasing at a rapid pace. All was good until the west coast erupted in flames, closing Interstate 5 over and over, burning the Northern California towns of Redding, Paradise, Dunsmuir, and Hornbook and pouring smoke into our valley. Although we were fortunate to have few homeowners lose their homes in Southern Oregon, all the fires did take a toll on our home sales.
 
The Bad
Home sales slowed drastically after all the fires broke out causing home sales in both the last quarter of 2018, and the first quarter of 2019, to decline. Home prices, however, continued to climb; that is, until the first quarter of 2019 where Jackson County saw no increase in the median price of homes that resold.  This is the first time since 2008 that we have seen a quarter go by with no increase in home prices.  All of a sudden, this was getting concerning.
 
The Good
It happed in March – retirees, escapees and refugees from Paradise, combined with first time home buyers, caused a large upswing in our real estate market. Many sellers put their homes on the market early this year to beat any possibility of summer smoke and found they were met by an army of awaiting buyers that greeted the expanding home selection with glee. It’s impossible to know exactly how much this upswing will increase our overall market, but we’re off to a great start. Pending sales as of March 31st were up 14% in Jackson County and up 18% in Josephine County; those are big percentages for a real estate market.
 
Spring looks to be healthy for our market with the decline in interest rates, back down to 4%, and an increasing number of refugees relocating here that were once retired in Paradise, CA. On the rural property front, we’re seeing high demand for large irrigated parcels, 30 acres or more, to fulfill the growing demand for Hemp production and the oils produced from the Hemp flower.  We’re seeing a higher amount of listings come on the market for sale which is helping satisfy all the buyers waiting in the wings for the right property.
 
This year Jacksonville, unlike the rest of Jackson County, has seen their median home price sky rocket, making Jacksonville the most expensive city to live in Southern Oregon. You could see this coming after years of slow gentrification of older eclectic homes and countless publications naming Jacksonville as one of the nicest small towns to live in.   It is truly a magical town to live in and as the Jacksonville Review used to say, “A small town with a big atmosphere”.
 
So, its looks like spring will bring good news to our real estate market and the bad news is behind us and let’s hope we avoid the ugly news.

– Graham Farran

7121 Dark Hollow Rd, Medford 97501

Beautiful 24 Acre Farm | $1,500,000 | MLS 3000914 | 16 irrigated acres now planted with 5 acres of Pinot Gris grapes and 5 acres of Comice and Bosc pears, a large shop, a 1-acre pond, large greenhouse and a must-see home, picture perfect for entertainment and guests. Location, location, location! Minutes from I-5, Jacksonville, Ashland and Medford. 

450 Midway Road #14 Medford, OR 97501

Attention buyers! Fantastic Price on This Clean Condo in a Great Area | MLS 3000320 | $135,000 | This 2 bedroom 1.5 bathroom townhome style condo is the perfect investment for someone wanting to get into real estate affordably! Clean kitchen with granite counters, large bedrooms, and over 1000 square feet. These units are currently undergoing excellent exterior upgrades that will include new paint very soon (some units are already completed). Comes with a numbered parking spot, covered back patio, and all appliances included! HOA covers water, sewer, garbage, exterior maintenance, insurance, and landscaping! Owner occupied only with the exception of the ability to rent to verified family members. Located within proximity to Costco, the Rogue Valley Mall, Trader Joes and more!

372 Glenn Street, Ashland, OR 97520 

Enjoy the Luxuries of Living in Ashland in the Beautiful Glenn Vista Estates | $329,000 | MLS 3000546 | Enjoy the luxuries of living in Ashland in this beautiful Glenn Vista Estates community townhome! Only a few blocks away from the Ashland hospital, Lithia Park and exquisite shopping that downtown Ashland has to offer. Oh, and don’t forget about the close proximity to the Oregon Shakespeare Festival! This end-unit features 1,396 Sq. Ft. with 2 bedrooms and 2 bathrooms. Built-in fire place next to huge Pella window overlooking the Ashland hills. Additional windows and skylights through out the home add lots of natural light. The master bedroom has glass french doors leading to an outdoor sitting area or place for a small potted garden. There is also a single car garage with extra space for storage. Glenn Vista service includes access to the pool, spa, fitness center and resident manager. Monthly HOA fee of $315 covers common areas, exterior maintenance, garbage, recycling and landscaping. Don’t miss out on this property. Call today for your own private tour!