After the latest storm dumped some much-needed snow in the mountains, the forecast for the next ten days shows highs in the 50s and sunshine. In addition to the expected nice weather, the national average for a 30-year fixed-rate conventional mortgage is 5.99%, matching the lows of a few weeks ago, and the lowest in three years. Real Estate activity has already been picking up, and that trend will continue.
This morning in Deschutes County, the inventory is flat from last week at 828. Part of the reason we didn't see supply growth this week is due to a robust 72 pending transactions averaging $1,060,554, with just 31 price changes before securing a contract. As long as buyer demand keeps pace with new supply, expect prices to remain firm with fewer price reductions. Fifty-nine transactions closed this week, up 6 from the prior week, with the average sale at $779,495 and 27 price reductions before securing a contract. The sold-to-original-list-price ratio was 95.2%.
Crook County experienced its second consecutive week of inventory growth, up by eight to 161 single-family listings. Seven sales are pending, up by 3 from last week, averaging $438,000, with only 2 reducing the asking price before securing a contract. Three transactions closed this week, averaging $513,466, with just one reducing the price before securing a buyer. The sold-to-original-list-price ratio was 94.3%.
Jefferson County supply dipped by two this week, now at 110. Another robust week of pending sales is the culprit, with eight properties under contract, down one from last week. The average pending sale price was $455,956, and 6 of those listings reduced the asking price by an average of 7.52% before securing a contract. Five transactions closed this week, compared to none last week, at an average of $433,789, with three reducing the asking price before securing a buyer. The sold-to-original-list-price ratio was 95.63%.
In 2025, the supply of actively listed homes increased significantly from the past few years. While inventory this year is up marginally, lower interest rates and strong buyer demand have combined to mop up new listings quickly. While this dynamic produces more sales and keeps prices firm, for buyers, it can feel like there is less supply. At the extreme, multiple offers become more prevalent, and buyers need to move quickly on suitable properties. It will still take several more weeks for the season to reach full speed, but all indications point to a busy 2026. I strongly encourage buyers to begin working with a lender early so they are ready to make an offer when the right property comes along. For sellers, correct pricing is still important, but I expect fewer price reductions and more offers closer to the list price.
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