Jackson County existing home sales swelled upward by 45.4%

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 period beginning November 1, 2009 and ending January 31, 2009. For the twelfth straight month existing home sales in Jackson County rose by double digits when compared to the same period last year. A decline in new listings caused the percentage of distressed sales to increase as well.

Jackson County’s existing home sales swelled upward by 45.4% when compared to the same period in 2009. “This report completes a full year (twelve straight reporting periods) of double digit increases in Jackson County’s existing home sales,” said Steve Blanton CEO of RVAR/SOMLS. The increase translated into 439 sales in the current reporting period as compared to 302 in the same period for 2009. Average days on market were also down significantly when compared to 2009, with this period’s average falling to 96 as opposed to 115 last year. “Buyers continue to take advantage of low interest rates, low home prices and the continuation and expansion of the tax credit,” continued Blanton.  The median sales price continued to demonstrate stability and held nearly steady at $175,000.

For the first time in months the proportion of “distressed properties” increased as an overall percentage of sales. However, it should be noted that this increase was not due to more distressed homes coming on the market. “People usually prefer not to list their home for sale during the holiday season. Consequently real estate sales activity is generally slower around that time of year. That rule of thumb proved true again; at least as far as listings are concerned. Total homes on market in this period fell to 1756 as opposed to 2116 last year at this time,” continued Blanton. A significant factor fueling buyer demand has been the first time home buyers tax credit.  Buyers continue to respond to attractive home prices, historically good interest rates and the availability of a substantial tax credit,“ concluded Blanton. Buyers wishing to qualify for the tax credit have until April 30, 2010 to get a purchase into escrow.

Realty Net, LLC. Oregon Real Estate, Portland, OR

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