Thankfully, firefighters throughout Central Oregon have made significant progress on the different fires burning throughout the region. Everyone is grateful for their hard work during this extremely dry summer. If you’d like a concise daily summary of the activity, go to www.centraloregonfire.org.
The real estate market is steady, as expected for this busy time of year. The national average for a 30-year conventional mortgage today is 6.78%, down a few basis points from recent highs. Undoubtedly, fires and higher rates have slowed some activity in areas impacted by fires, and among all interest rate-sensitive buyers. Still, the market moves on. Inventory levels are mostly flat from last week as we approach the time of year when supply will turn and start the steady decline toward winter.
Deschutes County inventory today is 1,455, down by 5 from last week. Pending sales took a healthy jump to 91, which is up 20 from last week. Fifty-one of the pending sales reduced the asking price by an average of 6.32% before securing a contract. Eighty closed transactions this week are up by 2 from last week, with a closed-to-original-list-price ratio of 96.23%.
Crook County supply increased by 3 this week to 268. Pending sales are flat at five this week, with 4 of those listings reducing the asking price by an average of 4.56% before securing a contract. Closed transactions this week are down by 3 to 4, with a closed-to-original-list-price ratio of 93.96%.
Jefferson County inventory is flat this week at 151. Pending sales are down by 4 to 5, with 2 of those listings reducing the asking price by an average of 2.93% before securing a contract. Three closed transactions this week are down by 10, with a closed-to-original-list-price ratio of 94.26%.
Fires have heavily impacted both Jefferson and Crook County over the last several days, but both still show reasonable pending sale activity. Most of the fire activity in Deschutes County has been centered just north of Sisters, with most of the rest of the county unaffected at the moment. At the Fed meeting today, Chair Kevin Warsh held rates, which was broadly expected. All of this is setting up a predictable late summer and fall for Central Oregon housing.
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