As expected for the season, the inventory of homes for sale throughout Central Oregon is rising, and activity is beginning to increase. The mortgage markets are volatile, with the chaos in the stock and bond markets mainly attributable to the crazy tariff wars. The volatility helped mortgage rates last week but has turned a corner, with the 30-year fixed-rate mortgage at 6.85%, the highest since late February. However, mortgage rates are near the average of the last two years, so in the bigger picture, not much has changed.
Deschutes County inventory increased by sixteen to 1,024 single-family listings. Seventy-eight pending sales are the most since a spike in early March, with a median days listed of only twenty-seven and an average price of $864,786.Fifty-six properties closed after only twenty-one days on the market, at an average price of $903,703. Days listed have increased slightly since 2022, when the pending sales were only five, nineteen this week in 2023, and twenty last year. Only three weeks of listing time before finding a buyer is notably quick and a strong indicator of strength in the housing market.
This morning, 170 single-family homes are listed in Crook County, an increase of eight since last Wednesday. Six pending sales were listed for only seventeen days, with an average sale of $816,150 for the previous seven days, which is a reasonable volume and quick pace—four closed transactions at an average of $792,249 round out the week's activity. Two of the four closed transactions were in Powell Butte, with one of those sales in Brasada Ranch. The two closings in Prineville sold for $499,999 and $315,000.
Jefferson County inventory increased by nine to 116 listings. The average price of the actively listed homes is $573,575. Nine pending sales, at an average of $422,822, show buyers are engaging the market and stepping up. Two sales closed at $540,000 and $1,200,000.
With marketing times of less than thirty days through much of Central Oregon, homes that are attractive to buyers are moving quickly. There will always be homes that linger, but for educated buyers waiting for better options, jumping on the right fit is imperative. Making the right decision is easier if you know the market; these reports can help identify trends. However, there is no replacement for seeing properties in person to learn which option is best for you. In most cases, it takes time for buyers to tour homes over an extended period to find the perfect fit. If you want to start learning about the Central Oregon housing market, please contact me to schedule a tour.
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