The median price of existing homes in Jackson County fell dramatically during the last rolling quarter as normal inventories decreased and sales of distressed properties increased, according to the Rogue Valley Association of REALTORS® (RVAR) housing market report released last week..
However, median prices increased in two areas of the county – Eagle Point and Jacksonville. Eagle Point’s median rose by 17.9% to $177,900, while the median in Jacksonville came in at $265,000, 15.2% higher than last year.
Sales statistics provided by the Southern Oregon Multiple Listing Service for November 1, 2010 through January 31, 2011 show the county-wide median price fell to $145,000, off 17.1% from the previous year’s $175,000.
Normal transactions accounted for 40.1% of sales with a median of $205,500, an increase from $199,900 a year ago. REO (bank owned) properties made up the majority of sales, at 48.7% with a median price of $115,500. The remaining 11.2% of transactions were short sales at a median price of $149,100.
The number of existing homes sold during the quarter decreased 4.2% to 429, compared to 448 for the same period a year ago.