This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.71%, the lowest since September 23, 2024. Activity has also picked up, coinciding with increased inventory across all three Central Oregon counties, longer days, and (somewhat) nicer weather. There will always be opportunities in real estate, but as we approach peak season, houses start selling quicker, and buyers start re-engaging the market, creating competition. While there may be some uncertainty about the broader economy, declining mortgage rates spur activity and help keep prices firm.
This morning, 1,008 single-family homes are listed in Deschutes County. Breaking the 1,000-listing threshold did not happen last year until May 29, when there were 1,018 listings, and it hasn't been this high since November 27, 2024, when there were 1,019 listings. Activity remains steady with 66 pending sales at a median days-listed of just 30. Seventy-five closed transactions have been the most since October 2, 2024, with median days listed at just 25 and an average sale price of $980,034. The increase in listings creates more opportunities for buyers, but attractive, well-priced properties are moving fast.
Inventory in Crook County also increased, now at 162 single-family listings, up three from the previous week. Thirteen pending sales at an average list price of $524,419, with four closed transactions averaging $767,500, are consistent with the last several weeks. The single closed sale in Brasada Ranch went for $1,415,000, double the price of the following most expensive sale for the week, dragging the average up considerably. The remaining three sales were $750k, $525k, and $380k. The pending sales median list days were 57 and 102 for the closed transactions.
Jefferson County inventory also increased by three, now at 107 single-family listings. Five pending sales this week, at an average of $513,780, and four closed transactions, at $578,000, are consistent with the volumes of the past several weeks. The median list days for pending sales were 178 and 86 for the closed transactions.
Staying knowledgeable is imperative for buyers as the market picks up through summer. Sales occur quicker, and sellers with multiple showings are less inclined to enter drawn-out negotiation phases. I have already encountered multiple-offer situations this year, which can be challenging for buyers. With knowledge of the market, recognizing attractive properties becomes more manageable, as does making sense of prices. Most buyers in our market who have been looking for a while can relate to seeing homes they liked sell before they had a chance to make an offer. Putting in the time to learn our market will pay dividends when you are ready to make an offer.
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