Mortgage rates are trending downward ever so slightly, inventory growth is slowing, and activity is increasing. For those of you looking to buy or sell in 2025, the next several weeks are shaping up to be a busy period. For buyers, the presence of motivated sellers is making life easier, as increased competition from inventory has altered the landscape. For sellers, as has been the case for most of this year, accurately pricing for today's market is key, which requires careful analysis of individual properties to gauge marketability.
Activity in Deschutes County pending sales this week exceeded every week of this year and is the highest since October 2, 2024, with 87 pending sales. The median number of days listed for pending sales was 33, with an average list price of $935,158. Sixty-seven transactions closed this week at an average of $931,876. Inventory rose slightly to 1,582 single-family listings, up by seven from last week.
Crook County pending sales were modest this week at four with an average sale price of $1,273,000. All four pending sales are in Powell Butte, with two of those homes situated in Brasada Ranch. Five closed transactions averaging $508,180 were recorded last week, with one in Powell Butte and the rest in Prineville. The inventory increased to 248 single-family listings for this week, up by four from last week.
There were seven pending sales in Jefferson County this week, averaging $418,841, with a notable average price decrease of 10.08% before securing a contract. The three closed transactions also had an average price decrease of 10.5%. In each case, the list price dropped, and buyers negotiated an even lower price below that. Inventory declined by one to 119 single-family listings. As competition with increased inventory has put pressure on prices, sellers are eager to sell properties before year-end, creating some of the best buying opportunities in Central Oregon. I caution anyone inexperienced in fixing and flipping homes in today's market, but for experienced builders or a buyer willing to take on some work themselves, opportunities are emerging.
As new inventory slows heading into the last stretch of peak buying seasons, buyers who have been evaluating the market begin to pick away at the best opportunities. The increased inventory over the previous several years is creating some great opportunities, and homes still on the market as we approach fall are very likely to go for considerably less than the asking price. Of course, not every property is a candidate for extreme negotiation, but savvy buyers who know the market are in a strong position. Now is still a good time to list, thanks to the increased activity; however, sellers need to be very cautious about pricing, unless they are comfortable riding out the season and listing through the winter. It is anyone's guess what the spring market will bring, but Central Oregon real estate remains remarkably stable.
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