A new report shows sales prices for homes in Jackson County skyrocketing 30-thousand dollars over this time last year. One year ago the median price of a home was $155,000.
The Rogue Valley Association of Realtors says the median price is now $185,750 in the rolling 90-day report that concluded May 31st. 75 percent of sales are so-called “normal” transactions, while REO (bank owned) sales accounted for 7.7 percent of existing home sales. The remaining 16.3 percent were short sales. The median price on a normal transaction was $218,750, $123,950 for a bank owned property and $127,000 on a short sale. Homes are also spending less time on the market when comparing the March through May 2013 report to the same time in 2012; homes are currently on the market an average of 62 days compared to 83 last year at the same time.
There was a 5.6 percent decline in home sales comparing this period to the same time last year. Association President Colin Mullane says there are fewer homes in the inventory, as it appears potential sellers are holding their homes out of the market in anticipation of climbing values.