After several weeks of rising mortgage rates, rates have eased, with the national average for a 30-year Jumbo loan down 17 basis points from last week. Some market segments have picked up, while others have slowed, which is typical for this time of year. With Thanksgiving less than three weeks away, many buyers will shift their focus to family and holiday travel, putting real estate on the back burner. Great opportunities remain, but this time of year also starts setting up the spring market. With inventory remaining somewhat elevated and sellers willing to drop prices, this spring is shaping up to favor buyers more than in several years. The last piece of the equation is the trajectory of mortgage rates, starting with the Fed’s next move in early December.
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This week, the supply of homes in Deschutes County listed between $1 million and $1,999,999 dropped by 25 to 301, the biggest decrease this year. Pending sales doubled this week to ten, with 7 of those listings reducing their asking price by an average of 10.6% before securing a contract. Fifteen closed transactions are down from 17 last week, with the sold-to-original-list-price ratio at 92.33%.
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Deschutes County supply between $2 million and $2,999,999 decreased slightly to 56 from 59 last week. One pending sale occurred in Caldera Springs at $2,189,000; it was new construction marketed for only 26 days. No transactions closed this week.
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Listings over $3 million in Deschutes County fell by 1 to 35 this week. The single pending sale was also new construction in Caldera Springs, a full-price listing of $3,600,000. No closed transactions occurred this week.
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Crook County listings declined by 3 to 76 this week. No pending sales occurred. Two transactions closed this week in Powell Butte at $1,004,000 and $1,750,000, with sold-to-original-list-price ratios of 79.91% and 91.36%, respectively.
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Deschutes County Farm listings over $1 million fell from 14 to 13, with 7 of those properties reducing their asking price by an average of 7.62%. Crook County Farm listings over $1 million increased by 1 to 15, with 9 of those properties reducing their asking price by an average of 7.14%. Neither county had any pending or closed transactions this week.
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The next two months in Central Oregon real estate will fly by, with five holidays and many people taking time off. Inventory will decline, and sellers motivated to sell by year-end, or before spring, will further reduce asking prices. Whether you are looking to buy or sell this year, or targeting 2027, now is a key time to track the market and see what trends are developing for next year.
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