A Daily Shot of News

Although Oregon real estate markets are not posting nearly as sharp declines as the struggling markets in California, Oregon has still had its fair share of real estate problems primarily as a result of the economic recession that began in 2008.  Most Oregon real estate markets took a hit right after the recession began, but as many real estate experts have observed, the past few months have provided a very positive outlook on Oregon real estate.  The Medford real estate market, as well as many others in Jackson County in southern Oregon have posted significant real estate improvements over the past few months, with many communities posting year over year gains.  It appears that most Oregon real estate markets have hit bottom and are already beginning their recovery.

Southern Oregon’s Mail Tribune has reported the success of the region’s real estate improvements, with the real estate in Medford being one of those posting success over the past few months.  Due to the relatively large inventory of foreclosed or distressed homes in the region, many prospective home buyers have been eager to take advantage of the “bargain” rates that have been offered during the past few months of economic troubles.  Due to the great affordability of these houses, Jackson County has reported that as of October 2009, the number of new or resale homes in the region have increased by 44.7 percent compared to that of the previous year.  Realtors are also reporting that homes are selling about 30 percent faster than they were the year before.

The Ashland Daily Tidings has also reported that the southern Oregon area has experienced a 35.8 percent increase in home sales in April compared to the year before and a 30.6 percent increase in sales just during the three month period ending April 30.  During that time, realtors said that the time it took to sell the homes hadn’t significantly changed, but the median home price had risen to $194,500, just $500 short of the median price for the previous quarter.  The main source of home sales has been the large inventory of foreclosed homes, many of which have experienced a 17.1 percent drop in value.  Although experts believe that the inventory of foreclosed homes will rise in the coming months, they still expect those rates to be a lot lower than those expected in many California real estate markets.

Like most real estate markets across the West Coast, real estate markets in Oregon continue to suffer as a result of the economic recession that began in 2008.  All across Oregon real estate markets are posting declines in home sales and median prices compared to that of the previous year.  Although the      and some others throughout Oregon have posted slight gains over the previous months, overall market levels remain at their lowest seen in years.

According to DQNews.com, real estate in the Portland region have followed a similar trend in most other west coast markets, with home sales dropping about 11 percent from July to August, resulting in the lowest levels seen in at least 15 years.  Throughout Oregon, the median home price still remain about 11 percent lower that it was during the previous year, even though some real estate markets have reported slight increases in the median home price during the last few months.    Although foreclosure rates aren’t as high in Oregon as they are in neighboring states such as California, there is still a relatively high and still increasing number of foreclosed homes compared to Oregon’s real estate history.  Throughout the West Coast, foreclosed properties consisted of about 40 percent of the total home sales made in August.  Although Oregon’s real estate isn’t struggling as much as some markets in neighboring states, many people still believe that the Oregon real estate is not ready to rebound into a full recovery yet.

According to the Ashland Daily Tidings, and Ashland real estate market has experienced its first significant increase in home sales in the first quarter of 2009.  In April of 2009, Ashland reported a 35.8 percent increase in existing home sales over the previous year, and a 30.6 percent increase during a three month period ending April 30th.  Although the number of days it took for homes to sell hasn’t really changed, the current median home price is not reported to be only about $500 less than it was during the previous quarter.  Although the future of the real estate in Ashland is still uncertain, the current rates do offer hope in the coming future.

Although most Oregon real estate markets are not posting as sharp declines as some neighboring states such as California, Oregon still has its share of struggles in the real estate market.  Some markets such as the South Oregon real estate markets are beginning to show slight increases in sales and median prices over the past few months, yet market levels are still significantly lower than they were in the previous year, with many real estate markets still at the lowest levels seen in several years.  Although there aren’t any definite signs of consistent or significant improvement in the South Oregon real estate markets, many people are optimistic that the coming months will bring positive results.

According to the Mail Tribune, Jackson County in Southern Oregon has posted a 44.7 percent increase in home sales, even though new home listings are starting to decline.  The main cause for this spike in sales is due primarily to the large inventory of foreclosed homes, offering prospective home-buyers the “bargain” prices many are looking for.  Many real estate agencies are reporting that the inventory of homes on the market are now on a downward trend, and houses are selling about 30 percent faster than they were a year ago.  The current status of the real estate in South Oregon suggests that the market has hit bottom and is ready to rebound for a full recover in the near future.

The Ashland Daily Tidings in southern Oregon has also reported the most significant rise in home sales in Ashland for the first time since 2006.  Between February and April of 2009, about 376 homes were sold in Jackson County, which was a 35.8 percent increase from the year before, and a 30.6 percent increase during the three month period ending April 30 of 2009.  Although the number of days it takes for a home to sell has remained unchanged, the median price for homes in the region have increased to only $500 less than it was in the previous year.  The supply of homes on the market is also reported to be falling, with foreclosed homes being the major attraction for prospective home-buyers.