Activity was steady again this week, while inventory levels remained flat or declined across Central Oregon. With the Fourth of July on Friday and a long weekend ahead, it is not surprising that some sellers may have pulled back until after the holiday break. The interesting thing to watch will be whether inventory growth continues once activity picks up after the holiday, or if it continues to decline. A flattening or decline would be a relatively early transition to fewer listings compared to past years. However, very little about our housing market has been following typical trends lately.
The Deschutes County inventory of single-family homes this week remains unchanged at 1,543. Pending sales also remain unchanged from the previous week at 80, with an average list price of $936,677 and an average reduction before finding a buyer of -7.37%. Thirty-two more homes closed this week than the previous week for a total of 96 sales at an average of $810,126, and an average reduction below the list price of -5.56%. There were 1,606 single-family sales year-to-date in 2024 in Deschutes County compared to 1,611 this year. The average sale price increased from $850,422 to $870,798, while the median sale price decreased $1,135.
Crook County inventory decreased by three to 236 single-family listings. After a slow previous week, pending sales jumped seven to nine with an average list price of $729,311, and an average price reduction before securing a buyer of -6.67%. Closed transactions increased by four to twelve, with an average price of $665,900 and an average price reduction of 3.38%. Year-to-date sales in 2024 were 202, compared to 182 this year. The average sale price increased from $539,619 to $587,813, while the median sale price decreased from $464,997 to $434,900.
Jefferson County inventory this week is 121, a decrease of one from the previous week. One more pending sale than last week brings this week's total to five, with an average sale price of $346,760, and an average price reduction of -12.88%. There were four closed transactions, with an average price of $480,975 and an average price reduction of 18.24%. The price reduction percentages are striking, attributable to two pending sales: one dropping the list price from $600k to $540k, and another from $300k to $225k. One closed sale had an original list price of $795,000, was dropped to $650,000, and ultimately closed at $550,000. The further from the core of Central Oregon, the more the market is impacted by increased inventory and competition, even though these dynamics are in play throughout much of the market below $1 million. Year-to-date sales in Jefferson County increased by sixteen to 130, while the average sale price decreased from $466,192 to $447,883, and the median sold price decreased from $432,250 to $402,450.
In last week's Luxury Market Report, I compared the year-to-date sales between properties sold above and below $1 million. There is a clear difference as the high-end market has increased sales and rising prices, while homes under $1 million are moving in the opposite direction. In the data above, the rising average sale price in Deschutes and Crook Counties indicates that more expensive homes are selling. In contrast, the decreasing median sale price suggests that a greater number of homes are selling at lower price points. In Jefferson County, the increase in lower-priced sales and lack of high-end inventory have brought both numbers down. The increase in inventory is arguably a positive development for the market as a whole. It has created a very slight buyer's market, helping to offset the impacts of interest rates stuck near seven percent. However, the national average for a 30-year fixed-rate mortgage this morning sits at 6.67%, the lowest since October 2024. With pending sales activity remaining steady, inventory growth closing in on the seasonal peak, and mortgage rates decreasing, I anticipate steady activity once buyers re-engage the market in earnest after the Fourth of July lull.
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