After several weeks of rising mortgage interest rates, rates have stabilized, with the national average for a 30-year Jumbo loan at 7.63% today. Inventory levels are stable, with activity steady in most segments, with exceptions. With mild fall weather in the air, conditions for buyers are good, though borrowing costs are higher.
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Deschutes County single-family listings between $1 million and $1,999,999 are down by 7 from last week to 331. Two hundred eleven of the active listings reduced their asking price by an average of 8.13%. Fourteen pending sales are the same as last week, with half of those listings reducing their asking price by an average of 10.09% before securing a contract. Twelve closed transactions are down from 20 last week, with 4 reducing the asking price by an average of 7.21% before securing a buyer. The sold-to-original-list-price ratio was 96.49%.
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This week, activity in the $2 million to $2,999,999 tranche in Deschutes County was strong, and inventory increased by 2 to 70 single-family listings. Twenty-seven of the active listings reduced their asking price by an average of 9.23%. Pending sales doubled to 2 from last week, with both listings reducing their asking price by 2.04% and 3.34%, respectively. Four closed transactions are up from 1 last week, with 3 of those listings reducing their asking price by an average of 6.06% before securing a buyer, and a sold-to-original-list-price ratio of 92.37%.
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Inventory of Deschutes County listings over $3 million decreased to 38 this week, down from 40. Eighteen of the active listings reduced their asking price by an average of 13.59%. No sales are pending this week, and one transaction closed in Caldera Springs at $3,100,000, 98.41% of the original list price.
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Crook County listings over $1 million remain stable at 74, with 37 reducing their asking price by an average of 7.05%. No transactions went pending or closed this week.
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No pending or closed transactions occurred in the Deschutes County farm listings over $1 million, while inventory remains at 13. Crook County farm listings over $1 million increased by 1 to 15, with no pending or closed sales.
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With mortgage rates stabilized, luxury buyers using financing have a lot in their favor as the season winds down. A large percentage of the luxury inventory has already reduced asking prices considerably, and sellers today are willing to negotiate further. Any offer today should start with a comprehensive market analysis, and I am happy to help, no matter what property you are considering.
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