Document text
1 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Improving investigations ... Local Democrats may face three conventions to replace Bates ... Memorial services set for Sen. Bates ... Improving investigations ... Local Democrats may face three conventions to replace Bates ... Memorial services set for Sen. Bates ... REAL ESTATE Ashland home sales slow, but prices don't Sales dropped by 40 percent, sales prices increased by 9 percent over 2015 Comment By Greg Stiles for the Daily Tidings DailyTidings.com By Greg Stiles for the Daily Tidings Posted Aug. 9, 2016 at 3:06 PM By Greg Stiles for the Daily Tidings Posted Aug. 9, 2016 at 3:06 PM » Social News Local home buyers in Jackson County have hit the brakes in recent months, perhaps waiting for more appealing opportunities down the road. There were 19.5 percent fewer existing home sales during the three-month period ending July 31 than the same time in 2015, according to figures compiled by Southern Oregon Multiple Listing Service. That meant for every five existing residential property deals in Jackson County a year ago there were four this year, as the median sales price rose 4.5 percent to $246,675 from $236,000 in 2015. The dropoff was even more dramatic for Ashland, as sales dropped by more than 40 percent over the three-month period, with 80 homes changing hands, compared with 140 in the corresponding three-month period in 2015. Ashland's price increase was also more dramatic, rising 9.2 percent in comparison. Properties sold in the three months in 2015 saw a median price of $359,500, while the 2016 median was $392,500. The inventory of homes for sale in Ashland held fairly steady, growing from 202 in 2015 to 209 this year. Countywide, in May through July, 664 residences changed hands, compared with 825 during the same period in 2015. Real estate agents have begged for more inventory for at least three years, and the July 31 reading showed 1,048 houses on the market compared with 1,126 a year ago. A shortage of housing stock in the right price range will inevitably take its toll, said Matthew Gardner, chief economist for Windermere Services in Seattle. "What we're seeing is buyers' fatigue," said Gardner, "and we're not alone. "The trend lines I'm seeing from 11 different states is the same," he said. "Whether it's Denver, Fort Collins or Jackson, Wyo., we're seeing a lack of inventory. From a buyer's perspective, with price escalation, it leads to a fear of, 'How much am I going to spend?' They're tired of chasing every house that becomes available at a moment's notice, hoping it won't be sold before they get there." Residences that were sold locally turned over in an average of 42 days, down from 45 a year ago. House owners are skittish at the prospect of selling then looking for a new place, Gardner said. "An awful lot of people want to sell, and it would be remarkably easy to sell," he said. "But they're not going to list their houses until they have somewhere to buy, so we get caught up in a chicken-and-egg scenario." For decades, Californians migrating north have stoked Southern Oregon's housing market, often fueling sales prices higher than local wages could accommodate. San Francisco Business Times reported this week that Bay Area housing prices are now higher than the 2007 median peak of $665,000. The latest surge is credited to the desirability of living in the region, little new housing stock and a booming business sector with high wages. Jackson County has recovered from the Great Recession, but wages haven't kept pace. That continues to put pressure on the relatively few houses available for less than $400,000. "There's not a lot of activity in the really high price ranges," said Colin Mullane, of Full Circle Real Estate in Ashland and spokesman for Rogue Valley Association of Realtors. "The stuff that's priced reasonably sells quickly," he said. "Other places that aren't priced right sit there while people go through a bunch of times. Buyers become experts after visiting 20 houses. I wouldn't say they're being picky, but they're not going to overpay for a property. We have much more sophisticated buyers now, just because they can afford $400,000 doesn't mean they will pay that much; they made that mistake 10 years ago." Interest rates remain low, but there are just dozens of houses under construction, not hundreds. "I don't see how the logjam can be cleared anytime soon," Gardner said. "It's going to remain a seller's market through next spring, if not longer." Reach reporter Greg Stiles at 541-776-4463 or [email protected]. Follow him on Twitter at www.twitter.com/GregMTBusiness , on Facebook at www.facebook.com/greg.stiles .31. By Greg Stiles for the Daily Tidings DailyTidings.com By Greg Stiles for the Daily Tidings Posted Aug. 9, 2016 at 3:06 PM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... Business Name address Location, ST | website.com Find Southern Oregon Attractions Bars Restaurants Beauty Salons Entertainment Doctors Medical Specialists Contractors Education Lawn Services Lawyers Shopping Travel Tanning Used Cars Wedding Services ▼ Add your business here + Events Calendar Connect with DailyTidings.com Facebook Twitter RSS Back to top Reader Services Reader Services home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Alerts Email alerts RSS feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2016 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. DailyTidings.com | P.O. Box 1108, Medford, OR 97501