The pace of inventory growth this week is slowing, with another month (give or take) before this year's peak supply is reached. The national average for a 30-year fixed-rate mortgage today is 6.67%, a level keeping sales volume in check. However, sales are very much in line with the last three years, with modest year-over-year changes. Steady growth in new residents to Central Oregon has kept the housing market humming along, and with summer just around the corner, there is a lot of time left for both buyers and sellers before we shift into slower off-season conditions.
Today in Deschutes County, there are 1,376 single-family homes listed, up by 13 from last week. Eighty-eight pending sales are up by 9 from last week, with 35 of those listings reducing the asking price an average of 5.77% before securing a buyer. Seventy-eight closed transactions are down 15 from last week, with 29 of those properties reducing their asking prices by an average of 5.07% before securing a contract. The sold-to-original-list-price ratio this week was 96.8%.
Crook County supply increased by 6 this week to 244 listings. Six pending sales are down by 1 from last week, with no price changes for these listings before securing a buyer. Eleven transactions closed this week, with 6 price reductions averaging just 1.79% before securing a buyer. The sold-to-original-list-price ratio was 98.13%. Sellers in Crook County, judging by this week's data, have found the sweet spot for pricing and are securing contracts without needing to negotiate much on price.
Jefferson County supply is up by 5 from last week to 156 single-family listings. There are 10 pending sales, up by 1 from last week, with 4 of those properties reducing their asking prices by an average of 3.47% before securing a contract. Eight closed transactions are up by 5 from last week, with 5 of those listings reducing the asking price by an average of 2.46% before securing a contract. The sold-to-original-list-price ratio for the week was 98.36%.
The more modest list prices for many of the sales in Crook and Jefferson Counties have created a floor in the market that sellers don’t need to breach. This dynamic is reflected in lower price-reduction percentages and higher sold-to-original-list-price ratios. In larger Deschutes County, where there are more higher-priced listings, negotiations are more common before reaching a price agreement. The Central Oregon housing market, spread across three counties, is extremely diverse. Not only is a county-by-county accounting necessary to evaluate the market, but also evaluating activity by price is necessary. If you are in the market above $1 million, my Central Oregon Luxury Market Report will be extremely helpful in evaluating that segment. Even better, reach out for a comprehensive market analysis for a specific property, neighborhood, or region.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
Your Bend Real Estate Agent is here to help
Reed Melton serves Bend and surrounding areas
Whether you are searching in Bend or any of the nearby areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.