While mortgage rates may be volatile, the range of volatility is approximately 30 basis points, which, in the big picture, doesn't change mortgage affordability much. This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.88%, down from recent highs and in line with the last several months. Like most news, getting caught up in the daily minutia of interest rates takes the focus off what matters. YTD, sales are still slightly ahead of 2024, which was better than 2023. Prices remain stable or rising when compared to the median sale price of the last two years. Sellers might not see the remarkable appreciation of 2020 through 2022, but sales in many price points are brisk. Buyers confront affordability issues that have remained stable, which makes planning a purchase much easier. Rising inventory continues as expected for late spring.
Single-family listings in Deschutes County increased by 84 this week, now at 1,108. This level of homes for sale has not been matched since October 30, when there were 1,125 listings, and is ahead of last year's pace, when we did not see this volume until June 19, when it was 1,156. With seventy pending sales this week at a median list time of only twenty-one days and a median list price of $744,669, there is no indication of a faltering market. Market strength is also apparent in the sold data, with fifty-one closings this week marketed only twenty-nine days before finding a buyer and a median sale price of $898,069. The median price reduction for pending sales was -2.83% and -2.78% for closed transactions, further proving a strong market.
Crook County single-family home listings increased by fourteen this week, now at 184. Eight pending sales marketed a median of fifty days with an average sale price of $501,044 show activity below the median active list price of $675k. Two homes closed this week, one on the south side of the Prineville Reservoir at $499k and the other in Brasada Ranch for $2,447,700. Powell Butte and Brasada Ranch consistently record the highest sale prices in Crook County.
Jefferson County saw an increase of eight listings, showing 124 single-family homes for sale. Five sales are pending at an average of $360k, listed for just thirty-seven days. One transaction closed for $377,225, listed for 359 days. Every home has a buyer, and patience can be a virtue when selling in the outlying areas of Central Oregon.
Inventory growth in Central Oregon creates opportunities for buyers, but it is constrained enough to keep prices relatively firm. Desirable properties either sell immediately, have multiple offers, or both. Each property is subject to unique appeal; even in the hottest markets, the results are uneven. Accurate pricing, a solid strategy, and a plan for different scenarios are essential for sellers to remember. For buyers, working closely with a lender to take advantage of rate dips and working to understand your particular market segment will help identify the right property. There may be more time to consider properties before making an offer than in years past, but missing out on a great fit never feels good. The next several months in real estate are the busiest of the year, and taking action is necessary when the right property comes along.
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