First, I hope you had a great Christmas with family and friends! It is hard to believe the year will be over in a matter of hours!
Second, in addition to my usual breakdown of the Deschutes, Crook, and Jefferson Counties activity, I will provide year-to-date data on the City of La Pine. Let's get to it!
This morning in Deschutes County, there are 661 active listings for single-family homes at a median of 750k and eighty-six days on the market. Nearly half of those listings (323) have had a price change at a median of -4.55%. This week last year, there were 668 listings. The county recorded thirty sales in our holiday-shortened week at a median of 640k and fifty-one days on the market. The median price reduction for the pending sales sits at a paltry -3.89%. Twenty-seven homes in Deschutes County are pending at a median of 665k, with forty-three median days listed and thirteen price reductions at a median of -10.59%.
As you can see from the days on market numbers, new listings are either more attractive, priced better, or a combination of both factors. Also, many higher-end homes listed take longer to find a buyer, dragging the day's listed number up for the active inventory. At year-end, Deschutes County numbers are remarkably similar to the end of 2022.
In Crook County, there are 116 single-family homes listed, down from last year when there were 125 listings this week. The median list price is 597k, with sixty-five price reductions since listing at a median of -5.03%. The median days of active listings is 104, one more than the pending days listed of 103. Four homes are under contract at a median of 505k and a median price reduction of -3.8%. Four homes closed at a median of 375k, with all four taking a price cut before selling of a median -5.05%. This week last year shows five pending and three sales, so Crook County is performing slightly better than last year. However, with the shorter work week and light activity, I would not read too much into this weekly data. Interestingly, when I removed the six active listings in Crook County over $2M from the list, the median list price dropped to 525k. I will dive deeply into Crook County, Prineville, and the popular Brasada Ranch golf community in the coming weeks.
Jefferson County inventory has been stable at eighty listings for the past three weeks, with this morning's median price at 472k and eighty-one days on the market. The county had one pending sale at 345k at a price reduction of -5.48% and six sold homes at a median of $327,500 to round out the week. Of the sold homes, three took offers at a median of -11.43% below the asking price, indicative of the deals sellers are entertaining in the outlying areas of Central Oregon. This week last year, Jefferson County inventory was eighty-one, with three pending properties and two sales. Jefferson County and Madras breakdowns for 2023 will be coming shortly.
Lastly, in La Pine, sixty-nine single-family homes are listed at a median of 539k, with 100 days on the market. One sale was recorded this week at 215k and only four days on the market, with the list price at 225k. One home is pending in the Ponderosa Pines neighborhood, listed at 475k. However, this home was on the market for 510 days and started at 599k! A combination of a slowing market in La Pine and an aggressive price account for the considerable reduction and significant days listed. In today's housing market, buyers can access tremendous information and immediately recognize value or over-priced properties. While some sellers are okay with waiting for the right buyer, it is best to price right directly in most cases.
Thirty-three manufactured homes, including land, are listed in La Pine at a median of 342k and a short thirty-nine days on the market. Not all of these homes qualify for financing, requiring a cash sale in some cases. Although, for the homes that qualify for FHA, VA, or Conventional financing, there are some great opportunities.
In 2022, year-to-date, La Pine sold 267 single-family homes at a median of 465k and thirty-four days on the market. So far in 2023, there have been 186 sales at a median of $422,400 and forty-seven days on the market. Those numbers reflect a 30.3% reduction in sales volume and a 9.16% median price drop. La Pine heated up tremendously in the wild 2022 selling season, but sales and prices are softening as the market continues a stable return to something resembling normalcy.
Sales of manufactured homes, including land in 2022 in La Pine, were 138 at a median of $356,500 and twenty-eight days on the market. Year-to-date 2023 shows 105 sales at a median of 342k and days on the market of thirty-nine. That's a 23.9% reduction in sales and a 4.07% reduction in price. Whether manufactured or stick-built, the floor for move-in-ready homes in Central Oregon remains stubbornly close to 400k. In most cases, the lower-priced homes in our market see more modest price reductions than many higher-priced homes shooting for the moon.
Available inventory is the best predictor of future pricing as we wind down the year and begin anew in 2024. My year-end reports for the communities of Central Oregon will continue until I have covered the region. They are a great resource to show where the market stands relative to 2022, comparative inventory, and where we might be heading. Stay tuned for more reliable data straight from the Central Oregon MLS!