Real estate in Medford can look forward to better days, claimed Greg Stiles of the Mail Tribune on October 27, 2009. His newspaper article claims that “buyers have snapped up foreclosures and short sales like hors d’oeuvres and appetizers and local industry leaders hope they will find the main course will be just as desirable.” On the facts and figures side of things, “the latest figures compiled by Southern Oregon Multiple Listing Service show 233 pending sales — 44.7 percent more than a year ago. New listings, meanwhile, have declined, helping to reduce the bloated inventory that accumulated after the housing bubble burst four years ago.”
According to the statistics, Medford real estate is not fairing too well. Compared to the previous month, Yahoo! Real Estate reported on November 16, 2009, that the median price of homes for sale dropped two percent to $244,000 while foreclosures also dropped by a similar amount to about $183,000. However, while these figures may seem appealing to some, realtors caution that the median sales price can sometimes be misleading, as it represents only the median price of the specific homes that sold during the time period and not necessarily the entire market. On the whole, however, Medford homes for sale are doing much better than similar properties elsewhere in Oregon or even on the west cost of the U.S.
Stiles wrote a follow-up article on November 7, 2009, to provide more information regarding the local housing market. According to the report, the extension of the federal tax credit will help to continue the market stimulation that has helped out the Medford real estate market previously. “With the first-time homebuyers tax credit and expanding coverage to include current owners, local real estate agents hope to see the trend continue. Congress extended the tax credit, slated to end Nov. 30, through April 30, 2010. Many current homeowners also are eligible to receive a credit of $6,500 if they buy during the prescribed period.” Most notably, East Medford was the biggest segment of the market with 138 sales in the past three months, up from 114 in 2008.