Local home sales start to slow – Medford News, Weather, Sports, Breaking News

Inventories have nearly doubled compared to last year, but median prices are still up

Sales of existing homes in Jackson County have slowed despite a drastic upturn in inventory compared to the same period last year, according to the Rogue Valley Association of Realtors.

Sales statistics from April 1 through June 30 show home sales decreased 4.3% compared to the same quarter in 2021.

Pending sales for June decreased slightly more than 12%, even though the number of homes on the market rose by a whopping 84%, from 438 to 804 homes, compared with last June.

Scott Lewis, a broker with John L. Scott in Ashland, said properties were taking slightly longer to sell despite more properties being available to buyers, though he wouldn’t “quite” declare a buyers’ market just yet.

“We’re definitely seeing quite a few more price adjustments than what we were seeing a few months ago,” he said.

“Buyers have the advantage of there being more homes to choose from, so I’m no longer finding that I’m saying, ‘You need to be ready to write as soon as we get out to the car.’ People are still buying and selling. ”

In June, 756 houses sold in Jackson County, compared to 790 during the same period in 2021.

The countywide median price for the quarter came in at $ 420,000, up 8.6% from last year’s $ 386,750.

Homes sold after an average of 23 days on the market, compared to last year’s 20 days.

The median price for a rural home in Jackson County was $ 645,000, up 7.5% from last year’s $ 600,000.

A total of 167 rural homes sold during the quarter, with an average of 55 days on market (distressed properties accounted for 1% of the total inventory and 0.4% of existing home sales).

Lewis said an increase in interest rates and slower sales, despite the boost in inventory, was not unexpected.

“We’re seeing a market correction, and we’re also seeing a pretty substantial increase in price adjustments,” he added, noting that last year’s trend of offers coming in above market value, and buyers retracting purchase offers, had dropped off.

“A year ago we were seeing quite a few people who were writing offers, above list, getting them accepted and then thinking about it over the weekend, then saying,‘ Oh, never mind, I just wanted to get my foot in the door. . ‘ And then they’d finish. I don’t see nearly as much in terms of speculative offers as we did last year. ”

He added, “I’m actually relived that we’re not seeing the crazy 26% annual appreciation. I think 7.5 and 8.6 are very realistic numbers. My crystal ball says prices are not going to go down. I know the vloggers all want to be the first to say, ‘The sky is falling,’ but as I accurately predicted, things are calming down. ”

Despite industry rumors of rising interest rates, Lewis said there seemed to be a “balancing out” in the real estate realm.

“The interest rates are trickling upward a bit, so we are seeing slightly fewer sales, even with the added inventory. This is the desired results of rising interest rates, ”he noted.

“It’s a little more challenging for first-time homebuyers – and clients who pay cash aren’t as affected – but everything is tied together in a way. For example, the buyer of a $ 900,000 home may have to wait for their buyer to sell their $ 500,000 home. And then that buyer has to wait for the people who were going to buy their $ 300,000 home. ”

He added, “At the end of the day, we’re all in this together.”

Reach reporter Buffy Pollock at 541-776-8784 or [email protected] Follow her on Twitter @orwritergal.

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