With the Federal Reserve wrapping up the latest meeting today, the chances of any rate cuts are zero. Last year, the Fed made an aggressive 50-basis-point decrease in September, followed by 25-basis-point reductions in November and December, while telegraphing two more cuts in 2025. With today's news likely to maintain the status quo, any future decrease is unlikely to occur before the end of July at the earliest. However, any decrease in 2025 appears to be more of a long shot. The average 30-year fixed-rate conventional mortgage this morning is 6.88%, in line with rates tracked over the past several weeks.
This morning in Deschutes County, there are 1,533 single-family houses listed for sale, an increase of 41 from last week. The average list price is $1,144,381, with 794 listings reducing the asking price by an average of $5.25%. Eighty-two pending sales are one shy of the highest pending sale volume of the year, which occurred on March 5. The median number of days listed for pending sales this week was 19, one of the lowest weekly numbers reported this year. Sixty-two closed transactions at a median days listed of 18 and an average sale price of $820,144, with just 16 of those transactions negotiating below the list price by an average of -3.14%.
Interestingly, the year-to-date sales in Deschutes County for 2025 are identical to those as of this day in 2024, at 1,433. The median sale price for Deschutes County so far this year is $697,315, up .33% from last year's number.
Crook County inventory increased by one to 231 listings, averaging $1,077,407. There were twelve pending sales, with a median listing days of 62 and an average price of $533,410. Four closed transactions, with an average closing price of $945,000, occurred during the week, with just one price reduction.
Crook County's year-to-date sales for 2024 were 186, with a median sale price of $463,495. This year, sales have decreased to 159, with a median sale price of $435,000, representing a 6.15% decrease.
Jefferson County inventory decreased by four to 118 single-family homes, with an average price of $620,407. Seven sales are pending, averaging $452,621, with four of those transactions resulting in a list price reduction of an average of 8.89%. Six closed transactions averaged $429,300, with three price reductions averaging a decrease of 13.28% for the week.
Jefferson County's year-to-date sales for 2024 were 95, with a median sale price of $437,573, compared to 114 sales this year at a median of $398,500, representing an 8.93% decline in the median sale price.
There is a lot of nuance to the data that is specific to each county and individual price points. In all counties, the increase in inventory below the median sale price has created competition among sellers and put pressure on prices. For Crook and Jefferson Counties, prices, in general, are down slightly from the peak of 2022. For Deschutes County, the trend remains flat, with very slight increases in many market segments since 2022. As is always the case, these market trends do not apply equally to every property. Regardless of the individual situation, pricing correctly for today's market is crucial, as overpriced homes tend to linger. In many cases, the reduction necessary to generate interest after initially overpricing is greater than correct pricing from the start.
Sign Up for the Central Oregon Market Report
Sign Up for the Central Oregon Luxury Market Report
