Local real estate market sees some changes in trends – Medford News, Weather, Sports, Breaking News


The number of homes on the market on September 30 was 22% higher than a year earlier. Listings have grown slowly from a low of 117 in November 2020, although the 551 units available last week only represented 47% of the 1,169 on the market in September 2019.

According to figures from the Rogue Valley Association of Realtors for September and the third quarter of 2021, a dynamic real estate market with fewer listings may have moderated slightly.

The number of homes on the market on September 30 was 22% higher than a year earlier. Listings have grown slowly from a low of 117 in November 2020, although the 551 units available last week only represented 47% of the 1,169 on the market in September 2019.

In September, new listings were up 51% from September 2020, while sales figures as a percentage of listing prices fell to 98% from 101% in July. Homes sold an average of 20 days on the market, compared to 41 days in the third quarter last year.

“We have certainly seen a spike in activity. It was supply and demand. As soon as something was listed to see, people lined up with multiple offers, ”said Scott Lewis, a broker at John L. Scott, Ashland. Three factors have determined recent trends, Lewis said.

“People who were reluctant to put their homes on the market before the vaccine are now more willing to let strangers visit,” Lewis said. “I think there have also been a lot of sellers who are aware that the market is hot and that they want to put their property on the market. Ultimately, there are more homes being put on the market for sale. “

A third factor is the extremely low interest rates and the fear that federal policy will raise rates, so people sign up and look to buy something else, Lewis said. In the longer term, he does not expect sudden fluctuations in the market.

“I don’t think we’re in a bubble. It doesn’t remind me of what we had in 2010. Buyers are legitimately qualified, the wild appreciation is fading. I think we will see a moderation in the appreciation of house prices, that is my opinion. There may be stabilization, but it won’t go down, ”Lewis said.

Sales of existing homes in the third quarter were up 1.2% from 2020, with 820 units sold this year compared to 810 last year. Median price increases for existing homes continued in a double-digit range, the third-quarter median of $ 379,500, up 14% from 2020’s $ 338,500.

A drop in enrollments that started when the COVID-19 pandemic hit has continued well this year. The numbers have fallen steadily to reach 601 in June 2020, 314 in October and the low of 117 in November. The numbers for much of this year were little better with less than 300 through April, 399 in June and 479 in August.

New home sales for the quarter ending September 30 fell from 130 last year to 80, a drop of 38%. East Medford had 20 of the sales, while White City had 11 and Ashland and Eagle Point had 10 each.

Three factors have influenced the reduction in new home construction, said Rick Harris, senior broker at John L. Scott, Ashland. Harris represents a builder.

A huge surge in lumber prices this year meant it was very difficult for builders to forecast total construction costs six or seven months after work began, Harris said. Prices have come down a bit in recent months, he said.

Disruptions in the supply chains of many products, brought on by the pandemic, have also created uncertainty for the completion of new homes, Harris said. Some of the items that builders cannot afford with insurance are wiring, plumbing and electrical appliances, siding, trusses, and more. Material prices are also uncertain.

A lack of workers and contractors also impacts the ability to build new homes, Harris said. Employment levels are picking up a bit, but not to pre-pandemic levels.

“The customers are out there… but the buyers want predictable numbers for the new homes,” Harris said. With contractors unable to come up with a final price due to market fluctuations, it is difficult for buyers to commit, he said.

Median prices for rural homes in the county reached $ 633,500 for the quarter, a 20% increase from $ 530,000 last year. In total, 180 rural dwellings were sold compared to 210 in 2010, but they turned out faster on average, with 44 days on the market compared to 77 in 2020.

Contact Ashland’s freelance writer Tony Boom at tboomwriter@gmail.com.

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