Document text
0 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Home News Latest Stories Crater Lake park rangers investigate report of hiker falling over rim Since You Asked: Fern Valley work still on schedule Rains fall over parts of the Oregon Gulch Fire New managers hope to make Historic Ashland Armory the city's Crystal Ballroom Since You Asked: Where have all the balloons gone? Crime, Courts and Emergency Services Crater Lake park rangers investigate report of hiker falling over rim Rains fall over parts of the Oregon Gulch Fire Medford man who was misidentified as arson suspect released from jail Emergency Services Still fighting lots of fires in national forest, but sizes are small Politics and Elections Medford council veterans plan exit Medical marijuana patients run for council seat Former colleagues laud Atiyeh's 'practical' leadership Bates-Dotterrer race called critical to Senate control Richardson challenges Kitzhaber during debate Education Free meals program expands in Grants Pass Migrant student numbers soar $21 million Science Building upgrades begin at SOU Eagle Point district mulls fate of Trail school SOU Provost James Klein plans to retire State news Nation - World Obituaries Emma Elizabeth Ronald J. Dollarhide Elma Ondrey Lucille Grace Merrifield Roy Lemont Seela Weather Photo Galleries Videos Sports Latest Stories Isner loses to Dodig in Rogers Cup Cox, Pereira power Rogues past Gems Local Events Southern Oregon Karters to host Grants National go-kart races Nebraska junior Christian Cox displays versatility as pitcher, outfielder for Medford Rogues Varsity 541 College Sports Cox, Pereira power Rogues past Gems Nebraska junior Christian Cox displays versatility as pitcher, outfielder for Medford Rogues Oregon Ducks: To playoff or not to playoff? Coach Riley prepares Beavers for fall camp Mannion, Beavers look to close the gap Pro Sports Isner loses to Dodig in Rogers Cup Serena secures Stanford tourney Giants rally to beat Bills in HOF Game McIlroy victorious at Bridgestone Allred finishes sixth at Barracuda Community Sports Larkins named Oregon Bowling Proprietors of Year Mavs capture Legion A state title Medford Mustangs win American Legion state title Allred to enter Hall of Fame at Pepperdine Comet rally falls short in Legion A tourney Business Latest Stories $200 million development begins in south Medford Blog: Part 2: How to Stay Cool in 100 Degree Weather Avista requests rate hike of 9.7% Blog: Study finds Oregon's exports slow to recover Contractor sweep nets 34 violations in S. Oregon Real Estate News Average selling price of existing homes jumps 8.1% countywide People In Business People in business People in Business Transportation Medford airport has second-best June ever Agriculture Hail has local pear growers checking for damage Del Rio plans to add 50% more plants Harry & David sets sights on year-round operations Opinion Latest Our View: School success is about more than the three Rs Michael Gerson: Bet on Africa rising Letter: Support CATS Letter: Improvements appreciated Letter: A durable ceasefire Editorials Our View: School success is about more than the three Rs Our Opinion: An uphill battle Other Views: Vic Atiyeh, truth-teller Our Opinion: Take it easy Our Opinion: Life and taxes Letters to the Editor Letter: Support CATS Letter: Improvements appreciated Letter: A durable ceasefire Letter: Optimism defeats experience Letter: Consider career education Guest Opinions Who I am and why I want to serve on the City Council City council members should be paid Lifestyle Latest stories Posting thoughts on your bumper can be sticky Tips for keeping backyard birds cool this summer Ashlander's book is a definitive guide to ultrarunning Community blog:Any Volunteers? Vidmar Food Community blog: Ways with watermelon span summer months What's in a wine's name? In Italy, it can get complicated Dive into a big bowl of cold soup DANCIN days are here again Ripe & Ready: Melon season is here Home and Garden Tips for keeping backyard birds cool this summer Bath time for the birds: You can help them stay cool and clean Learn to pick produce at the peak of ripeness Support the mycorrhizae! It could help your plants Make a plan for your fall and over-winter garden Health Posting thoughts on your bumper can be sticky Community blog:Any Volunteers? Rear-end messages say a lot about us Community blog:Top Ten Reasons Why Trying to Solve Other People�s Problems is a Bad Idea Health officials taken aback by STD outbreak Faith Religion briefs Community Blog: Peace: The inward passage - by Bonnie Greenwell Religion briefs Religion briefs Milestones and Achievements Stuss-Bones Births New Arrivals New Arrivals Groen-Arkens Tempo Latest stories 'Chicken' Hirsh: 'A responsible bohemian' 'Shrek' comes to the stage as a musical Sweet Ghosts at Oberon's Entertainment 'on the bricks' at OSF Randall Theatre opens 'Godspell' Theater Review: The joy of 'Godspell' is infectious 'Shrek' comes to the stage as a musical Randall Theatre opens 'Godspell' 'Great Society' a darker sequel to 'All the Way' 'The Great Society' opens at OSF Music 'Chicken' Hirsh: 'A responsible bohemian' Sweet Ghosts at Oberon's Entertainment 'on the bricks' at OSF John Hiatt: 'Terms of My Surrender' Delta Halos and The Lures at Club 66 Community Events Ashland's First Friday Art Walk It's Fair Time! Dining India Palace Taco Riendo Uber Herbal Coquina Restaurant Tempo Videos Classifieds Jobs Autos Real Estate FEATURED » Obituaries TV Listings Movie Listings Oregon Outdoors Oregon Healthy Living Magazines & Special Sections NEWS NOW Ashland home prices on upswing 'It's a seller's market,' and inventory is getting tighter Residential properties in Ashland were red hot before the Great Recession sent home prices crashing. Now, that market is reheating. By John Darling MailTribune.com By John Darling Posted Jul. 29, 2014 @ 12:01 am Updated Jul 29, 2014 at 2:00 AM By John Darling Posted Jul. 29, 2014 @ 12:01 am Updated Jul 29, 2014 at 2:00 AM » Social News Residential properties in Ashland were red hot before the Great Recession sent home prices crashing. Now, that market is reheating. The median price of existing single-family Ashland homes is $363,000, says broker Colin Mullane of Full Circle Real Estate in Ashland. This means half of homes are above and half below that figure, says Mullane, who compiles monthly real estate statistics for Jackson County. That's up nearly $100,000 over the median price of three years ago, which was $265,000. The median was greatly skewed after the market crash of 2008, he notes, because almost half were in some form of distress, such as foreclosure or short sale. Those were being sold at a discount and are virtually gone now. The cheapest home in Ashland now is $224,900, and is in very bad shape, says Mullane. There are only eight homes under $300,000 listed, he adds, "and it would have been double that three or four years ago." These kind of homes tend to be smaller, with two bedrooms and one bath or, he says, they need work. If buyers are looking for three bedrooms and two baths with a minimum 1,500 square feet, they are going to be doing a lot of looking and waiting, he says. "It's a seller's market now," he says. "People are struggling to get into the Ashland market. The foreclosures are hardly there, and if they are, they're going up in value. All the markets in the valley are enjoying appreciation." Houses in lower brackets are selling best, as expected, says broker Sara Walker of Patricia Sprague Real Estate in Ashland. Higher-end homes are still not seeing buyers return to the market, she said. That's evidenced by a scad of "for sale" signs on pricey upper Morton Street. Interest rates at a little over 4 percent are helping spur the market, she says, and they're available if buyers have good credit, are qualified and have the down payment in hand. "We are getting lots of California buyers, some from Washington," says Walker. "Sometimes, we get multiple offers, but it's on the lower-priced homes. You could call it a seller's market if it's not priced too high." The Medford area is showing similar signs of recovery, even for higher-priced properties, says Don McCoy of John L. Scott Real Estate. "Under $350,000 is always healthy, and now we're seeing recovery in the $450,000, $550,000, up to $600,000 homes," says McCoy. "It's happening because of the markets that feed ours." After the economy crashed six years ago, there were ample unsold properties, but now there's only a three- to four-month supply, which he calls "historically low." When the market picks up, there's always a lag time, he says, as buyers initially are reluctant to commit to the higher prices. Compared with three years ago, Ashland is experiencing a lack of inventory, says Craig Blazinski of Full Circle Real Estate. There are 180 homes listed now; three years ago, there were 360. "There are lots of buyers. The market under $325,000 is really hot," he says. "Homes competitively priced under $325,000 are selling quickly. Half of the pending sales under $325,000 went pending (received an offer) in less than a week. Half of the 89 homes under $325,000 that sold in the last year went pending in less than a month." The seller's market is being driven by a "red hot" market in the Bay Area, where sellers couldn't unload their homes for anywhere near value over the last seven years, he notes. It's also being driven by people buying properties for investment, as rentals. Young people are also realizing that a mortgage payment is not that much different than rent and are shopping the market, says Blazinski. "The conventional wisdom is that only Bay Area retirees are moving here," he says, "but I have sold five homes to young couples in the last two years, some with toddlers. Before that, the last home I sold to a family in Ashland was myself, about 10 years ago." Being speedy is important for buyers and, says Mullane, "You have to be pre-approved and able to move quickly because you're competing with a lot of people in the same shoes." John Darling is a freelance writer living in Ashland. E-mail him at [email protected]. By John Darling MailTribune.com By John Darling Posted Jul. 29, 2014 @ 12:01 am Updated Jul 29, 2014 at 2:00 AM » 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. calendar Connect with MailTribune.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 Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs 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 2014 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. MailTribune.com | P.O. Box 1108, Medford, OR 97501