Jackson County’s existing home sales have risen for the eighth straight month. The most recent report compiled by the Southern Oregon Multiple Listing Service (SOMLS) and reported by the Rogue Valley Association of REALTORS® (RVAR) covers the ninety day period preceding September 30, 2009. The report shows existing home sales rose by 26.6% when compared to same period last year.
“Existing Home Sales continue to show strength when compared to last year, said Steve Blanton, CEO of RVAR/SOMLS”. “In fact September marks the eighth straight month of double digit increases when compared to 2008. Appropriately priced homes are continuing to move as buyers take advantage of low interest rates, and first buyers receive the additional benefit of the $8,000 first time homebuyer’s tax credit, though the tax credit is slated to expire at the end of November”, continued Blanton. “This report also illustrates the continuing popularity of foreclosures and short sales”, said Blanton. These so called distressed properties make up just over 20% of the active inventory in the SOMLS system, but accounted for 45% of sales.
Jackson County’s median sales price rose slightly to $189,700. Also of note is the median sales price in Ashland which has seen a 7.8% increase over the last four reporting periods and now stands at $345,000. “Homes that are priced correctly are moving in this market. We have roughly 60 days until the scheduled expiration of the first time homebuyer’s tax credit. This is still enough time for a buyer to close on their first home and for a seller to move their home if it is priced right, but those considering one of those options can’t sit on the fence any longer”, concluded Blanton.
