With the inventory of listed single-family homes remaining high this fall, combined with gorgeous weather, the peak selling season has been extended. While transaction volume has softened from mid-summer highs, activity remains steady. Mortgage rates are helping to keep buyers engaged, with the lowest rates in years, except for a brief dip lower before the last Federal Reserve meeting. New listings continue to hit the market, creating selection opportunities worth considering.
This morning in Deschutes County, the availability of homes listed between $1 million and $1,999,999 decreased by only three to 364 houses. After a brief lull in pending sales last week (13), seventeen homes are pending this week at an average of $2,380,588. The trend in this price tranche of sales taking place below the mid-point continues. I chalk this up to the competition of available properties, and many truly exceptional properties just over the $2 million range. Only six transactions closed this week, averaging $1,213,331, the lowest since June.
Homes in Deschutes County listed between $2 million and $2,999,999 decreased by six, now totaling 92. Pending activity was steady this week at four, averaging $2,398,750. Three closed transactions occurred, one in Black Butte Ranch for $2,050,000, another on the Deschutes River in Three Rivers South for $2,100,000, and the last in Caldera Springs, also in Three Rivers South, for $2,425,000.
For the second consecutive week, the inventory of homes listed for over $3 million in Deschutes County increased by one to 50. There were no pending or closed transactions this week.
Crook County homes listed for over $ 1 million decreased by two, now at 63 listings. There were two pending sales this week, both in Brasada Ranch, listed at $1,45,000 and $1,745,000. One transaction closed, also in Brasada Ranch, at $1,850,000.
Deschutes County Farm listings remain at sixteen with no pending or closed transactions. Crook County farm listings decreased by one to thirteen, with no pending or closed transactions.
While it is correct that lower mortgage rates attract more buyers to the market, thereby lowering inventory and putting upward pressure on prices, this dynamic takes time to work through. With the winter holiday season approaching, along with colder, snowy weather, sellers motivated to close transactions in this calendar year need to be realistic with any offer on the table, especially in light of the increased competition due to more availability. Home prices may be relatively firm, but conditions for buyers are better than at any time over the past few years. If luxury property is on your radar in Central Oregon, now is the time to engage the market to see if something suits your needs.
