It’s a great time to purchase a home! Based on the recent Jackson County Property Statistics published by the Southern Oregon MLS (from November 1, 2012 to January 31, 2013), we have seen a 21% overall price increase in real estate in the past year. This is great news for all those folks out buying real estate in Southern Oregon right now, because it means we are at or very near the bottom, and starting our slow ascent back up. That 21% rate is most likely the result of a combination of the current shortage of inventory, coupled with the large number of buyers out there trying to scoop up properties at rock bottom prices and interest rates. We’ll see what will happen in the next year. Some folks say there is a large “shadow inventory” that the big banks are holding on to, and when those hit the market, the market will drop some more. There are also those who say that isn’t true. Only time will tell.
I have attached the statistics here for you to look at regarding the Rogue Valley’s pricing and sales volumes, but the general idea is that it looks very good for our area.
To view this table larger, view the original Jackson County Property Statistics.
If you compare the 5 year change vs the 1 year change, it is a phenomenal difference. There are a few areas (Ashland and Jacksonville) that spike the overall pricing and sales up, so they look a little higher than they are, but we are still seeing 12% or better growth in most areas. This is huge! It means that last year was the best year we have had in a long time, and signals our slow return to a stable market. So go out and buy a house!
Cody Croslow