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http://www.omniture.com --> Sections Home Page Local News AP News Blogs Archives Business Classifieds Event Calendar Forums Life Opinion Obituaries Photo Gallery Readers Photo Gallery Sports Tempo Weather Road Cams Special Coverage 2006 Britt Festivals --> Shop Our Valley AutoFinder HomeFinder JobFinder Search Our Valley Special Sections Distinctly Northwest Readers' Choice Homelife Magazine Joy Magazine Oregon Golf Info Oregon Wine Info Other Publications Local Links Ashland News eSouthernOregon Newspapers In Education Personals Moving Here Movie Listings TV Listings Volunteer Customer Service Advertise With Us Media Kit Place Classified Ad Contact Us FAQ's Home Delivery Site Map --> Email Story to a Friend February 7, 2007 Local real estate slump may end soon Rogue Valley experts say inventories are starting to drop, and sales should pick up even more when spring comes By Greg Stiles Mail Tribune The decline in real estate activity, so pronounced a year ago, is falling along a gentler slope, leading to the prospect of a moderate pick-up come this spring. "Typically, when we have had downturns like we've had, they last 18 to 24 months," says Medford real estate appraiser Roy Wright. "We entered into this downturn in April 2005 when inventories began increasing and sales dropping below the levels they had been. All indications from the last three months verify that inventories are coming down and the amount of decreased sales are declining." The latest snapshot of home sales activity over the previous three months compiled by the Southern Oregon Multiple Listing Service show lower median prices during that period. The median price — half were higher and half were lower — for 418 existing Jackson County homes sold from Nov. 1, 2006 through Jan. 31 was $253,000, compared to 439 sales with a median price of $282,000 a year earlier, a 10.3 percent drop. The median price for new home sales during the period edged up 1.7 percent to $339,800 from $334,000. Advertisement Currently, there are more than 2,000 houses on the market as sellers are looking forward to catching the spring wave of buyers. "I've talked to different buyers and they're either getting their house ready to put on the market so they can purchase another or gearing up for spring so they can be ready to move when school is out," says Kathi Philby of Keller Williams Realty in Medford. "It's picking up a lot better than last spring. I don't feel that the market has totally bottomed but that it's gotten more realistic." Phoenix, where sales are up marginally, saw a median price increase during the rolling three-month period, to $258,500 from $250,000. West Medford's median price was $222,900, up from $220,950. The rest of the county, however, saw a decline in the median price. That included Eagle Point, where sales rose nearly 50 percent over the previous year. But it was the lower-end of the market, not the high-end Eagle Point Golf Course homes that changed hands. As a result, the median price plummeted 30.5 percent to $205,000, despite an uptick in activity. "I've seen so many listings on the golf course," says Scott Gephart of Re/MAX Ideal properties of Medford. "But it's the lower-end stuff that seems to be selling." Gephart says he's seen a marked rise in buyer interest and even an increase in offers. "In general, things are starting to take off," Gephart says. "We've been busy as can be showing properties and taking new listings People are putting stuff back on the market. Medford property has moved because it's priced right." Reach reporter Greg Stiles at 776-4463 or at [email protected] Would you like to respond to this story? If so Click Here to visit our forums. Advertisement Copyright © 1997-2007 Mail Tribune, Inc. All rights reserved. Privacy Policy | Terms & Conditions | Website Feedback online casinos news Home Security Systems Online Casino Reviews Fundraisers UK Homeowner Loans Casinos Canada Cord Blood Banking Entertainment Guide Texas Electric Choice Compare Electric rates in Texas Windermere Van Vleet Trunks, Footlocker Men's Clothing Debt Help