The Medford housing market is expected to appreciate at a rate of 11.2% annually between 2011 and 2016 according to the Fiserv Case Shiller Indexes. Medford ranks #3 on their list of 15 cities where the housing market is growing. If this is the case, Medford real estate will see some nice returns, and that is great news. Carson City, Nevada is #1 with a projected rate of 11.9% and Santa Fe, NM and Eugene, OR tie for last position at 8.6% projected growth.
The report notes that “After over 30% declines from peak, Medford is troughing right about now.” Recent statistics from Southern Oregon Multiple Listing show an 11.1% increase in the Housing Affordability Index compared to a year ago. Pending Sales are up. New listings have declined -16.7% compared to a year ago and our months of inventory has decreased -26.1% for Jackson County. This is great news for sellers. And, buyers have what may be our best buying market right now.
Interest rates remain at historic lows. One of my clients signed loan documents yesterday for a 4.49% 30-year fixed rate loan! And one of my sellers closed their transaction in 21 days from listing to closing! There were a lot of showings, and an all-cash purchaser bought it.
Our market is hopping, especially for homes $250,000 and below. I am shouting from the housetops: Now is the time to buy. Please call me if you or anyone you know or hear about is considering either buying or selling. I regularly hear people lamenting how awful our market is, and they are thrilled when I tell them all our good news.
On a personal note, I’m back from camping with my grandson and a visit in New Jersey with his brother and sister, and my son and his wife. The picture below, taken at Crater Lake, says it all.
