A common misconception in the Central Oregon Housing Market is that activity around July Fourth is the busiest time of year. In reality, the summer doldrums are a genuine phenomenon, and the late spring to early summer and mid-July through Labor Day typically see more vigorous activity. This week, the pending activity is consistent, but the pace of new listings decreased. New listings hit the market throughout the year, typically peaking sometime in August before the seasonal decline. As reported over the past several weeks, inventory levels are up across all three Central Oregon counties. It will be telling for the late summer to early fall market to note when we reach peak inventory this year. The variation in our market week to week can be an indicator of future trends, but today, the market remains steady and consistent.
Inventory in Deschutes County this morning increased by twenty-six to 1,492 single-family listings. Seventy-nine pending sales, at an average of $940,517, and just 26 days listed before securing a buyer show continued strong demand. The forty-seven sales recorded this week averaged $878,334 and just 24 days listed before securing a contract. Next week, we will surpass 1,500 listings for the first time in several years in Deschutes County, which has created some competition in the market that is helping buyers with price and selection. Still, well-priced, desirable homes are moving quickly.
Crook County inventory increased by five to 230 single-family listings. Activity for pending sales was strong, with fourteen listings averaging $512,643 and a median days-on-market of 58. There were eight closed transactions with a median of just seventeen days, averaging nearly the same as the pending sales at $512,750. Notably, the more expensive sales in Brasada Ranch and Powell Butte have been absent in the past couple of weeks.
Smaller Jefferson County has more subdued week-to-week changes in the data, and as such, the inventory increased just two, with 122 single-family listings available. Three pending sales at a median day listed of 61, averaging $343,300, with a notable median price reduction of 16.67% this week. The significant price drop is due to price decreases made before securing a buyer. For example, one home initially started at $539,990 and subsequently dropped to $450,000, while another initially started at $300,000 and subsequently dropped to $225,000. There were four pending sales, with an average price of $373,100 and a median listing time of just 23 days. The median price reduction for closed transactions was only 1.18%, demonstrating that accurate pricing is crucial in today's market.
With over 400 more listings of single-family homes in Deschutes County compared to this time last year, 93 more in Crook County, and 22 more in Jefferson County, there is no question that buyers have more options. While the increased inventory may not be dragging down the median sale price for the year, the increased competition in many price points is helping to keep prices from rapidly accelerating. Mortgage rates near 7% also help, especially for homes listed below the median sale price. With such a wide range of variation across Central Oregon, a thorough understanding of the market is essential for making informed decisions as a buyer or seller. Pricing too high keeps homes lingering, and no buyer wants to overpay. In addition to these reports, I am creating several personalized market analyses for clients each week. Please reach out if you need a customized report for a specific part of Central Oregon.
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