With the national average for a 30-year fixed-rate conventional mortgage holding steady at 6.6%, activity remains consistent, resulting in some of the biggest weeks for transaction volume this year. Buyers are taking note of the wave of price reductions and are making moves to secure properties. This window of opportunity will remain through fall, and selection remains exceptional.
Supply of single-family homes in Deschutes County dropped below 1,500 this week, now at 1,482, a decrease of twenty from last week. It was another big week for pending transactions at 90, with the average list price for these properties at $809,292. Substantial closed transaction numbers follow significant pending activity, and this week's activity reflects that with 74 recorded transactions. The average sale price of the closed sales was $1,009,935.
Crook County inventory decreased by three this week, but remains high at 244 single-family homes listed. Eleven pending sales are on the upper end for weekly activity, with the average list price of these properties at $783,310. Five closed sales this week averaged $433,460.
Proof that the outlying communities follow unique trends lies in Jefferson County's inventory increasing this week by five to 144 single-family listings. Typically, at this time of year, inventory is in a slow, steady decline, but market conditions are keeping levels elevated. The increase in listings isn't due to a lack of activity, as there were eight pending sales this week at an average of $455,456. Two closed transactions occurred at $320,000 and $322,500. The steady activity in Jefferson County this summer has likely encouraged sellers to enter the market and take advantage of the constant pool of buyers.
It is anyone's guess where mortgage interest rates are heading, but the trend indicates a softening from highs over seven percent. However long current rates last, we are in a sweet spot that is encouraging sellers to be reasonable, with rates down enough to give buyers some breathing room. If rates in the spring end up below six percent, buyers will engage the market in droves, inventory will be unlikely to achieve the peaks seen this year, and prices will firm up. Also, because of the inventory levels seen this summer, there will likely be more lingering options through the winter for buyers still looking. There is no question that sellers keeping listings active through the winter will be ready to negotiate, creating opportunities that may look vastly different depending on how spring shapes up.
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