Proof that spring in the mountains is unpredictable arrived today in the form of a winter storm warning, with snow predicted in the mountain passes. Still, our spring has been mild, and real estate activity is picking up. This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.32%, stable for the last couple of weeks. Longer days and warmer weather are just around the corner, as inventory and pending sales increase each week.
This morning in Deschutes County, inventory is up 62 from last week to 1,128. Pending sales increased five to 82, with the average pending sale price at $895,999. Twenty-nine of the pending sales reduced the asking price by an average of 4.11% before securing a buyer. Thirty-nine sales are down 26 from last week, reflecting the slowdown when rates spiked a few weeks ago. The sold-to-original-list-price ratio was 95.99% this week.
Crook County inventory is up by 10 to 211 this week. Eleven pending sales continue the trend of steady demand, down by one from last week. The average price of pending sales was $862,282, and 5 reduced the asking price by 3.58% before securing a buyer. Seven closed transactions are the same as last week, with the sold-to-original-list-price ratio at 97.6%, up from 91.46% the previous week. This ratio varies considerably from week to week and requires a longer timeframe to be meaningful.
Jefferson County supply dropped by two, to 120 single-family listings. Supply has been slow to build, with fewer new listings and steady demand. Eleven pending sales this week are up by 5 from last week, with the average sale price at $467,008. Seven of the 11 pending sales reduced the asking price by an average of 3.49% before securing a buyer. Eight closed transactions are up by two from last week, with the sold-to-original-list-price ratio at 97.4%.
At this time of year, with new listings hitting the market daily, days on the market for active listings are decreasing, as well as the average price reduction. Looking at last year's numbers, inventory grew for another three months, leaving a lot still to come for this year. And peak inventory only opens the door to the second-busiest time of year: fall. Both buyers and sellers have a long season ahead, and while interest rates might be higher and inventory lower than expected, the year is following a similar trajectory to 2025.
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