House prices continue rise in Jackson County

California money still puts the spring in Jackson County's residential real-estate stride.

A California buyer recently bought a new 1,800-square-foot house in east Medford's Wingate development for $389,000 and is asking $2,400 a month to rent the 3-bedroom, 2-bath abode.

"With the inventory so low, we're seeing multiple-offer situations," said Coldwell Banker Pro West Real Estate agent Ron Galbreath. "Most areas are within 5 percent of where we were in 2005."

With the exception of Eagle Point and Phoenix, the median prices for Jackson County single-family residences edged up during the first quarter of 2016, according to data compiled by Southern Oregon Multiple Listing Service. The median price was $220,000, up from $215,000. The median for March alone was $220,000, as well. The upper Rogue region and northwest Medford saw the largest percentage gains.

A total of 502 existing homes sold in Jackson County during the first three months of 2016, up from 447 in 2015. At the end of March there were just 780 properties, deemed a three-month supply, available through the SOMLS system, 26.1 percent fewer than a year ago.

As residential real-estate prices ratchet up and inventory shrivels, buyers are extending their search beyond the usual locales.

"I've been 24 years in the business and never done so much in Grants Pass," Galbreath said. "It's affordable and a nice place to live. With the lack of inventory here, if buyers don't like what we show them here, there is a large list in Grants Pass."

Although the inventory is also short in Josephine County, the median price in the Grants Pass area is less than $200,000. For the first three months of 2016, the median price for 128 residential sales was $199,950, up 14.3 percent from the first quarter of 2015.

"If we can get them to Rogue River," Galbreath said, "it's only another 15 minutes to Grants Pass." 

Reach reporter Greg Stiles at 541-776-4463 or business@mailtribune.com. Follow him on Twitter at www.twitter.com/GregMTBusiness, on Facebook at www.facebook.com/greg.stiles.31

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