If I were asked to pick a phrase to describe this week’s activity in Central Oregon, I would choose ho-hum. The housing market is chugging along, with nothing particularly noteworthy and steady activity as we have seen all year. The national average for a 30-year fixed-rate conventional mortgage today is 6.74%, down a few basis points from recent highs, but still operating within a range consistent with the past several months. Inventory is holding up quite well, considering we have reached the turning point for the year.
Today in Deschutes County, supply is flat from last week at 1,439. Eighty-one pending sales are up by 3 from last week, with the average list price at $867,674. Forty-seven of the pending sales reduced the asking price an average of 6.63% before securing a contract. Sixty-two closed transactions are down 16 from last week, the lowest closing number since May. The average sold price was $852,001, with 37 of those listings reducing the asking price by an average of 7.57% before securing a buyer. The sold-to-original-list-price ratio was 94%.
Crook County supply is down by 3 from last week to 261. Three pending sales are 7 fewer than last week, with all three of those listings reducing the asking price an average of 2.65% before securing a buyer. Only one of the pending sales was in Prineville, a home in the Crystal Springs subdivision listed at $644,900. The other two pending sales were in Powell Butte: a home on Sego Lily Road listed at $895,000, and the 897-acre Kerley Horse Center on Cornett Loop listed at $7,750,000. Eight transactions closed this week, down by 4 from last week, with 2 of those listings reducing the asking price by 9.64% before securing a buyer. The sold-to-original-list-price ratio was 92.21%.
In Jefferson County, supply increased by 2 this week to 153, after spending three consecutive weeks at 151. Five pending sales occurred, with four of those listings reducing the asking price by an average of 1.23% before securing a contract. The average list price of the pending sales was $346,650, with all five of those transactions priced below $400k. Six closed transactions are down by 2 from last week, with 4 of those listings reducing the asking price by an average of 0.23% before securing a buyer. The average sale price was $547,400, with the sold-to-original-list-price ratio at 105.21%.
Sellers have been reducing asking prices to lure in buyers, but at the lower price points, many are already at rock-bottom prices for the market. This is reflected in the low percentage decreases in price changes, and particularly in Jefferson County, a final sale price above the original asking price. In contrast, in Deschutes County, this week, a 94% sold-to-original-list-price ratio shows sellers working with buyers to make sales happen. Neither of these numbers is far from expected ranges for the time of year, and certainly doesn’t reveal anything more than stable, steady market conditions. I read a lot of speculation about a falling market based on price reductions, which is not accurate. Sales prices have remained stable since the high point in 2022, if not slightly up.
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