I’ve been blogging for months now about the Southern Oregon housing market recovery by focusing on Grants Pass real estate and Medford real estate, as well as homes throughout the rest of the country. Now there is evidence both from my personal sales in the Southern Oregon real estate market and from the Case Shiller home price index that we’ve finally turned a corner.

It seems that 15 of the top 20 markets in the country have seen either price increases or no declines at all for the month of May. In some of my previous blogs, I wrote that the bottom of the housing market was June 2009. Interestingly, Jim Cramer of CNBC’s Mad Money feels the same way. Admittedly, we’ve all been wrong before but on his July 28th show Jim told his viewers that those who wait for evidence of a turnaround in the housing or stock markets will be missing out on the great buying opportunities.

Now, to be fair, Jim actually called the bottom of the market in August of 2008. I think that Jim was on the right track, but the markets didn’t agree and we shortly thereafter had a stock market melt down that prolonged the declines in housing prices. I say this because I feel that the housing market prices have gone down too far and that the market has over-corrected just like it over-inflated. Currently we have homes for sale in Grants Pass and Medford and overall in the Southern Oregon real estate market that are selling substantially below their minimum replacement cost. Prices are at bargain levels. As a result, I’ve had my best 10 days of personal sales in 4 years. I just placed into escrow 14 properties and have 3 more in negotiation, and these are sales in all price ranges. The recovery of the real estate market in Southern Oregon is real and it’s here to last for a while. Homes in Grants Pass, homes in Medford, and Southern Oregon real estate are all starting to move. When the California market begins to recover, we are going to experience a real estate boom here in Southern Oregon. And with most homebuilders and developers bankrupt or sitting on the sidelines, our inventory of homes will shrink faster than we can replace it. Best of all, customers and real estate professionals in the Southern Oregon real estate market along with the contractors in the Homebuilders’ Association have gotten behind the green homes movement and are waiting in the wings with a great housing product about to blossom.

Stay tuned. More on that to come.

Michael Masters

A Socially Conscious Real Estate Consultant

     

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This entry was posted on Monday, August 3rd, 2009 at 1:47 pm and is filed under the category Grants Pass Real Estate, Green Real Estate, Michael Masters, Real Estate, Southern Oregon Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.