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Press Conference Offers Southern Oregon Real Estate Snapshot
A look at the raw numbers suggests an improving Southern Oregon real estate market, but there's still room for improvement. The Rogue Valley Association of Realtors took time today at a Medford press conference to offer a look at real estate trends in Jackson County for the first six months of 2012.
When comparing 2012 trends to what they were during the same time period in 2011, there is seen an overall rise of $10,000 in the median sales price of an existing home from $145,000 to $155,000. Interestingly enough, the increase is coming from rising prices in REO (bank-owned) properties and short sales. The median prices for so-called "normal" transactions are virtually unchanged at $189,950, compared to $190,000 in 2011. For perspective, at this time in 2007, the median sales price for a Jackson County home was $266,950.
Normal transactions continue to make up a plurality of sales, at 44%,however REO (38%) and short sales (18%) comprise a combined majority. REO transactions decreased by 4%, while short sales increased by 3%.
The average number of days a property is on the market is shortening up 100 to 75 days. Raw sales also increased from 945 to 1,055.