The word of the year for the mortgage markets is volatility, with the national average for a 30-year fixed-rate mortgage this morning at 6.98%. The chart below illustrates this volatility and shows today's rates are approaching highs for the last year. Interestingly, the lows each of the past three years since rates started climbing up to 7%, the seasonal lows occur near year-end, with rates elevated through the summer. Unfortunately for buyers in Central Oregon, the best selection of homes is available during the summer months, with correspondingly higher rates. However, staying in close contact with your lender creates an opportunity if you use rate volatility to lock in during the brief dips. Wherever rates are on any given day is anyone's guess, and if you don't like them today, waiting several days will likely produce a different number.
This week, inventory growth in Deschutes County was modest, up 38 to 1,140. Pending sales and the days listed are identical to last week at 70 and 21, with the average sale price up considerably to $882,959 from $744,669. As more homes come to market at higher price points for the summer season, the weekly average sale price typically increases. Fifty-three transactions closed this week at a median days listed of just 27 and an average sale price of $998,464.Sellers are doing well, with twenty-four of the seventy pending sales reducing the price before securing a buyer and twenty-three closed transactions negotiating a price below list. Today's market is bifurcated between rapid sales and lingering inventory, which, in many cases, can be hard to define. Some seemingly well-priced properties are sitting, but most will find a buyer as summer activity picks up.
Crook County inventory also experienced modest growth of four from last week to 188. Six pending sales with just 30 days listed and an average price of $859,950 are in line with previous weeks, but two pending sales over $1M skew the sale price. Eleven closed transactions are the most since July 2024, with a median days listed of only twelve. The average sale price was $722,818, skewed up considerably by two Powell Butte sales and one in Brasada Ranch.
Jefferson County experienced an active week that reduced inventory by four, bringing the total to 120. Eight pending sales were on the market for a median of 62 days, with an average sale price of $409,325. Four closed transactions occurred in the previous week, with a median of sixty days on the market and an average price of $378,250.
With activity in the overall market picking up, moving quickly on properties that suit your needs is essential. Not every home sells rapidly, but the extremely diverse inventory of homes in Central Oregon can make finding the right fit challenging. Letting something go that fits your needs can extend the time it takes to find the right property indefinitely.
For sellers, starting with the right price is key to a quick sale, or at least in the ballpark. Knowing what a buyer might be willing to pay for high-end homes in desirable locations can be challenging. Starting high isn't always a terrible strategy as long as a plan to adjust based on buyer feedback is in place. However, even with a lack of showings, you never know when the right buyer might appear. Since every seller has unique circumstances, there is no one-size-fits-all approach.
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