This week's inventory of single-family homes for sale in Deschutes County dropped to 521, down thirty-two from last week. While there were indications that active listings had reached a bottom, that proved incorrect. Predicting how low inventory will drop and when we will see the low point is impossible, but this market metric is a strong indicator of where home prices are heading for the spring and early summer. In September, when rates first spiked, price reductions jumped from the typical -5% range to six, seven, eight, and eventually -10.53% for pending sales on December 14, 2022. As rates moderated, now at 6.17%, the percentage price decreases have also declined, with this morning's median price decrease for the previous week at -5.13%. Not surprisingly, pending sales reached the highest level since November 2, 2022, at fifty-seven. Year-to-date sales decreased by 50% to 156 compared with 314 in 2022, indicating that sellers are sitting on the sidelines at the start of 2023.
Expect the Federal Reserve to raise rates today by twenty-five basis points, the lowest increase since rate hikes began last year. I do not anticipate mortgage interest to be impacted much by today's rate increase. With the next Fed meeting scheduled on March 21, the mortgage markets might experience less volatility than in the past several weeks. As I predicted a few weeks ago, all signs point to rates in the high 5% range as we approach the summer selling season. While the buying frenzy of 2021 and 2022 may be behind us, with low inventory, moderate rates, and firm prices, the summer season may feel similar to the last couple of years for buyers. Multiple offers on a single property may be less prevalent, but expect well-priced homes to move quickly.
Occasionally, people ask what I do as a real estate agent that is unique. As those reading this report regularly know, I strongly believe in staying current on data. I also believe in consistent communication, and both of those aspects are on display in this weekly report. Now, those attributes are conveyed to users of my website after the latest version went live earlier this week. Many of you have commented on the streamlined look, and I greatly appreciate your feedback! Now, market stats are on the home page for Central Oregon and the specific area pages like Bend, Redmond, Sisters, etc. Those stats are listed for the last 30 days and give you a quick, up-to-date snapshot of our Market. In addition, of course, Market Trend Reports are available from the menu tab on the top navigation bar, as well as Market Reports showing all of the active, pending, and sold data for any area you choose. Scrolling to the bottom of the home or an area page, you will find links to many of the most popular Market Reports, or click Market Reports from the menu tab to set your parameters. Each property detail page has a link to a map in addition to other helpful information. For specific search details, the Advanced Search accessed from the menu tab gives you the power to search any conceivable metric in the Central Oregon Multiple Listing Service. Also, check out the blog page for recent posts about the great restaurants in Bend, or some fun, kid-friendly activities happening in Redmond!
As always, I am available anytime you'd like my expert input on a search, pricing, or any particular real estate needs you have. Recently, I have been researching investment properties as well as residential. So if you need help finding a great property manager or calculating cap rates on a rental, I am here to help. So enjoy your property search, but most importantly, Enjoy Bend Life!