The Rogue Valley Association of REALTORS® (RVAR) today released the most recent home sales data for Jackson County. The data, compiled by the Southern Oregon Multiple Listing Service (SOMLS), covers the ninety day period ending July 31, 2009.
For the sixth straight month existing home sales posted a double-digit increase as compared to the same period one year ago. Nine of the eleven areas monitored by SOMLS were in positive territory. Countywide there was a 33.8% increase in sales when compared to the same period a year ago (495 vs. 370). “At this stage it is definitely more than a blip on the radar screen”, said Steve Blanton, CEO of the Rogue Valley Association of REALTORS®. “When we see six straight months of increasing sales activity it is strong evidence that something is happening in the broader market to bring buyers back into marketplace”
Movement in the median sales price also provided more impetus to this conclusion. Though down by roughly 15% from the period a year ago ($223,750 vs. $190,000), the median sales price rose for the first time this year when compared to the previous reporting period. The last report issued by RVAR which covered the period ending June 30, 2009 showed the median to be $187,000 as opposed to today’s $190,000. One potential explanation for the month over month rise in the median is that fewer distressed properties were sold in the last reporting period (42.8% vs. 46.9%). Distressed properties typically sell for less than their non-distressed counter parts. On the other side of the coin more distressed homes were made available for sale in the last month indicating that a return to a traditional market could still be sometime away. “Overall this is another positive report, and although there is reason for optimism, we should not conclude that we are close to a ‘normal’ market”, concluded Blanton.
