Jackson County Existing Home Sales Increase 44.3%

June 4, 2009 - PRLog -- The Rogue Valley Association of REALTORS® (RVAR) today released Jackson County existing home sales statistics compiled by the Southern Oregon Multiple Listing Service. The report covers the three-month period ending May 31, 2009, and shows existing home sales increased by 44.3% as compared to the same period in 2008.  There were 417 existing home sales during this reporting period as opposed to 289 last year.

This is the third consecutive month sales have posted a double digit increase. “We’ve seen a very impressive pattern of growth in existing home sales. Consumers are deciding that conditions favor their reentry into the market,” said Steve Blanton, CEO of the Rogue Valley Association of REALTORS® and the Southern Oregon Multiple Listing Service.  

A split market still continues with just over half (52.5%) the transactions in this reporting period coming from non-distressed sales, and just under half (47.5%) coming from distressed sales.  Distressed sales are comprised of REO or foreclosure sales and so called Short Sales.  Short sales occur when a bank is willing to accept a sales price that is lower than the mortgage amount.

The average number of days on market grew slightly from 107 a year ago to 109 in this period. “Distressed sales typically take longer, sometimes substantially longer, to bring to a successful close,” noted Blanton.  “Given that they make up such a large portion of the sales it is not surprising that the average days on market have risen slightly,” he concluded.

Median sales price has shown signs of stabilizing in recent months and now sits at $190,000, exactly where it was at this time in 2004.

“Foreclosed homes and Short Sales frequently sell for less than a non distressed property and make such a large part of sales right now that they may be pushing the median down artificially,” concluded Blanton.

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About the Rogue Valley Association of REALTORS®: RVAR is a professional organization comprised of more than 800 REALTOR® members in Jackson County, Oregon.