While the numbers from the previous week are low due to the holiday reducing the number of business days to close out last year, buyer interest is increasing. After a robust start to winter, this morning's sunshine is a welcome relief, and more is predicted for the next ten days.Conversely, there is no relief from mortgage interest rates, with this morning's national average or a 30-year fixed-rate conventional mortgage at 7.14%. The next few weeks will set the tone for 2025, particularly with inventory levels.
The inventory of single-family homes in Deschutes County remains stable, with 763 listings, down only four from last week. Thirty-three homes are pending at an average list price of $731,834, and twenty-eight closed at an average of $967,699. The average price change for the closed transactions was -5.78%, with 51 median days listed. The average closed price per square foot was $439.
Crook County inventory dropped eight to 146 single-family listings. Activity remains steady, with seven pending sales at a median of $438,814. One home closed this week at $347,500 and $278 per square foot after being listed for 150 days.
Jefferson County inventory is unchanged from last week at ninety-two. Six properties are pending at an average list price of $335,317. Five homes closed at an average of $369,799, with an average price reduction from the list of -5.69% and $231 per square foot. The median days listed for the closed properties was eighty-four.
Higher interest rates and increased inventory create stability in Central Oregon housing, allowing buyers to consider options and often have time to put an offer together. However, not every property is lingering, and homes on the market for a while likely have more than one buyer circling. As we approach spring, with new listings hitting the multiple listing service, I expect educated buyers looking through the off-season to jump on attractive properties. Considering the ebb and flow of our market, this is an easy prediction. Mortgage rates will likely remain in the high 6% to low 7% range, and buyers are adjusting to this reality. Housing stops for no one!
