Inventory throughout Central Oregon is up year-to-date, but the gap over 2025 is narrowing. This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.45%, down several basis points from recent highs, but still 45 basis points above the lows reached a few weeks ago. There are no straight lines in real estate data, especially in the early stages of spring, when our market is gearing up for peak season. However, much of the speculation about mortgage rates in the 5% range and the significantly increased activity in 2025 has waned. Sellers always want a rising market, and buyers want falling prices, and at this point, neither is getting their wish. Stability is the ongoing trend, at least for now.
This morning in Deschutes County, there are 1,027 single-family homes listed, an increase of 31 from last week. Sixty-five pending sales this week are down 20 from last week and averaged $1,021,945, with 21 of those transactions reducing the asking price by an average of 6.46%. Seventy-five transactions closed this week, up 20 from last week, with 27 of those sales reducing the asking price by an average of 6.53% before securing a contract. The sold-to-original-list-price ratio was 96.33%.
Crook County supply is stable this week at 193. Eleven sales are pending, up by four from last week, and averaging $610,268. Four of the pending sales reduced the asking price by an average of 5.29% before securing a contract. Nine transactions closed this week, down three from last week, with four reducing the asking price by an average of 1.75% before securing a contract. The sold-to-original-list-price ratio was 97.51%.
The Jefferson County inventory is down by one this morning to 120 single-family listings. Ten sales are pending, up six from last week, and averaging $476,640. Half of the pending sales reduced the asking price by an average of 4.57% before securing a contract. Three transactions closed this week, with two reducing the asking price by an average of 7.13% before securing a contract. The sold-to-original-list-price ratio was 96.53%.
There is significant volatility in the weekly numbers, with strong weeks often followed by more tepid activity. Still, the general trajectory shows a reasonably typical seasonal build-up. A lot of ground can change over the course of a summer, but so far in 2026, activity has been more reserved than expected. The lag in expected activity in recent months is largely due to the spike in interest rates.
Current conditions and extended marketing times are creating great buying opportunities. Prices are not crashing, but many sellers are motivated, and buyers are finding properties at very reasonable prices relative to the last few years. I advise sellers not to push the price too aggressively. Whether buying or selling, a thorough market analysis is imperative to making good decisions. Please reach out anytime for a market report tailored to your specific situation.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
