With the end of summer rapidly approaching, it isn't surprising that pending sales decreased from last week's torrid pace but remained high at sixty-nine. Moreover, forty-three of those pending sales lowered the price before securing a contract by -6.57%, typical for the last several weeks. While the pending sales had a median of thirty-five days on the market, the sold properties the previous week were listed for a median of twenty-two days. Last week, the median sale price of single-family homes in Deschutes County was $661,995.
The bigger story will unfold over the next several weeks once we get past Labor Day weekend, which is typically slower for pending sales. Sold properties are also typically lower with one less business day in the week. Here in Sunriver, the volume of out-of-town visitors has noticeably declined with Washington and California schools back in session. Fall buyers usually do not have school scheduling concerns and are focused solely on finding a property before winter.
While winter may not be far away, this week, temperatures will remain in the 90s even though morning temperatures have cooled considerably. Home sales have also cooled from the 2021 record highs, and the real estate business is beginning to feel more normal, although prices have remained firm with only 929 homes actively listed in Deschutes County, an increase of one from last week. Even though there will not be a large influx of new listings at this time of year, new properties are still hitting the market, and those that get the price right are selling fast. Four hundred ninety-three of the actively listed properties have reduced the asking price by -5.36%, with a median of fifty-six days on the market. Consider that the pending sales last week were listed for thirty-five days and the sold properties for twenty-two days, illustrating how price is crucial to competing in today's market. As we get closer to the winter holiday season, I expect the pace of price reductions to continue as sellers try to take advantage of the remainder of 2022 to secure a sale. Buyers and sellers alike should remember that there are only ninety days to secure a contract on a property to close before 2023! Now is the time to make offers or adjust your price if a sale this year is part of your plan.
With fall being such an active season in the real estate market, you can rest assured that I am working and available to help with anything you need in Central Oregon! Please do not hesitate to reach out if you have any questions about a specific property or the market in general.