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Inventory of homes for sale in Jackson County is rising, as are prices

 Posted: 1:20 PM April 04, 2014

The number of homes for sale in Jackson County is up 15.3 percent from a year ago.

Southern Oregon Multiple Listing Service reported additional homes on the market in 10 of 14 sales areas, led by Phoenix and southwest Medford on a percentage basis.

The first-quarter median sales price rose 4.2 percent over the first three months of 2013 to $187,500, up from $180,000. The March median was $190,000.

The pace of sales Jan. 1 through March 31 diminished 11.3 percent, however, with 345 houses exchanging hands compared with 389 for a similar period in 2013.

"The inventory is expanding and that's a good thing because we haven't had much," said Terry Rasmussen, an agent with John L. Scott Real Estate in Medford. "That's going to give buyers more to choose from."

From a broader perspective, Rasmussen said, fewer sales will keep a lid on what was becoming an over-heated market.

"We couldn't keep up that kind of pace or else we would've been in another bubble," Rasmussen said. "We needed to see a leveling off; as a result, it's turned into a healthy market."

The median price — where half of the sales are for more and half for less — was up in every area but the Shady Cove/Trail region. Mostly upper end homes sold in the Eagle Point area, where the median rose 60 percent to $239,950. West Medford ($105,000) and White City ($135,000) both saw the median sales price rise 35 percent.

— Greg Stiles


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