Stability in real estate is positive, if not uninteresting. But planning to buy or sell in a stable market makes it infinitely easier to plan and finance. Looking back to this week in December 2024 shows very similar data across all three counties of Central Oregon, with consistent activity heading into the last two weeks of the year. Mortgage interest rates have also been stable, with the national average for a 30-year fixed-rate conventional mortgage at 6.27%, unchanged since early September and unfazed by the Federal Reserve's latest 25-basis-point rate decrease. The outlook for rate decreases in 2026 is uncertain, but data will largely drive it as the new year unfolds. Dropping below 6% is less likely, with 2026 shaping up to be very similar to 2025 in Central Oregon.
This morning in Deschutes County, active listings decreased by 39 to 929. This week in December 2024, there were 877 active listings, a 5.9% increase. Forty-one pending sales occurred at an average price of $736,090, with 24 reducing the asking price before securing a buyer, resulting in an average reduction of 7.62%. Fifty-nine transactions closed, averaging $770,558, with the sold-to-original-list-price ratio at 94.13%.
Crook County inventory decreased by six to 166 active listings, one fewer than this week in December 2024. Activity was robust, with 10 pending sales averaging $742,429, and 6 of those listings decreased the asking price by an average of 6.06% before securing a buyer, twice as many pending sales as this week in December 2024. Six transactions closed this week, averaging $835,558, with a sold-to-original-list-price ratio of 94.72%.
Jefferson County's inventory decreased by 2, now at 125 active single-family home listings. The inventory level today is 27 units higher than it was this week in December 2024, a 27.5% increase year-over-year. Three pending sales occurred, averaging $362,300, with one property reducing the asking price by 9.34% before securing a buyer. Three transactions closed this week, averaging $408,516, with the sold-to-original-list-price ratio at 94.96%.
The sold-to-original-list-price ratio shows that many sellers need to lower prices to attract buyers. With days on the market for active listings increasing and prices relatively flat since 2022, market conditions are not conducive to pushing the envelope on price. In the high-end market, two properties that sellers chose to sell at auction prove this point: both sold for less than half their original list price. Increased inventory creates more competition between sellers, and homes priced above the market are sitting. While the price increases that peaked in 2022 are essentially locked in, pricing well above those levels today is working against most sellers. With mortgage rates expected to remain flat for the foreseeable future, sellers should consider these factors for the coming year.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
