It is hard to believe Labor Day is only two weeks away! Activity is steady heading towards fall, and mortgage interest rates are softening, with the national average for a 30-year Jumbo loan at 6.68% today. Sellers interested in moving property before the end of the year are reducing the asking price, negotiating with potential buyers, and in many cases doing both. This dynamic is not specific to this year, but is a seasonal trend. However, the mix of increased inventory and relatively lower interest rates is helping the housing market. It may seem like a long time ago, but before rates went up in the second half of 2022, inventory levels were at all-time lows, and prices were high, giving sellers the ability to hold firm in negotiations. I have brought up the favorable conditions for buyers several times in my weekly reports, and given my immersion in the data, I can say with confidence that conditions are favoring buyers slightly. Granted, many buyers in the luxury market are paying cash, but that doesn't change the increased selection and willingness of many sellers to negotiate.
This morning in Deschutes County, there are 414 single-family homes listed between $1 million and $1,999,999, a decrease of five from last week. Eighteen pending sales and seventeen closed transactions are keeping the trend of steady activity alive. Eleven of the pending sales saw price reductions before securing a buyer, and nine of the closed transactions negotiated a price below the list price.
Between $2 million and $2,999,999, there are 101 listings, down by three from last week. There was one pending sale on the north side of Bend at $2,357,777, and three closed transactions. The closed properties were at $2,050,000 in Pronghorn/Juniper Reserve, $2,370,000 in Broken Top, and $2,800,000 in Sunriver at the North Course Estates.
Listings over $3 million in Deschutes County total 49, an increase of one from last week. There were no pending sales this week, and two closed transactions; one at $3,500,000 in Tetherow, and the other at $4,480,000 on Collins Road in Tumalo.
In Crook County, there are 72 listings over $1 million, down by three from last week. There were two pending sales, one at $1,450,000 in Brasada Ranch and the other at $1,855,000 in Powell Butte at the Mountain View Estates. The two closed transactions were at $1,245,000 in Powell Butte and at $1,665,000 in Brasada Ranch.
Deschutes County farm listings over $1 million are up by one to seventeen, with one pending sale at $1,500,000 on Alfalfa Market Road. There were no closed farm transactions in Deschutes County this week.
There weren't any closed or pending sales in the Crook County farm market over $1 million this week, and listings are unchanged at eleven.
Summers can be short in the High Desert, and fall is just around the corner. Of course, real estate transactions occur year-round, and the off-season can be a great time to engage the market. However, especially after the end of the year, selection will be limited. If you find a property that works for you in the shoulder seasons, you will be able to negotiate a favorable price. But in the luxury market, selection typically trumps price, and this is the peak of opportunity for inventory in Central Oregon.
