As we approach what is most likely a vacation week heading into the Fourth of July, activity is slowing somewhat. Mortgage interest rates have been more stable recently, with the national average for a 30-year fixed-rate conventional mortgage at 6.58% today. It is very typical for the days before and after the Fourth of July to see reduced sales activity in the Central Oregon housing market, as we kick off one of the busiest times of the year. From Mid-July through Labor Day is always active, continuing through October and into the first half of November. Now is the time for sellers to evaluate price and activity, and for buyers to zero in on the right properties.
Single-family listings in Deschutes County are up by 9 from last week to 1,410. Supply growth is slowing and will begin to decline in the next few weeks. Seventy-four sales are pending, down from 91 last week. Thirty-six of the pending sales reduced the asking price by an average of 6.74% before securing a buyer. Sixty-four transactions closed this week, down from 91 last week, and the sold-to-original-list-price ratio at 95.72%.
Crook County single-family listings are at 250, identical to last week. Seven sales are pending, down by 4 from last week, with four of those listings reducing the sales price by an average of 8.27% before securing a buyer. Three transactions closed this week, down by 6 from last week, with a sold-to-original-list-price ratio of 94.98%.
Supply in Jefferson County increased by 3 this week to 157. Eight sales are pending, the same as last week, with three of those listings reducing the asking price by an average of 6.45% before securing a buyer. Nine transactions closed this week, with the sold-to-original-list-price ratio at 4.13%.
Before long, the weekly inventory levels will begin a steady decline into winter. While there is still a good volume of listings to support buyer activity, buyers will be forced to consider what is currently listed, with fewer new listings hitting the market. This dynamic typically accelerates activity as buyers step up to grab what looks good before someone else. And sellers coming to market will have fewer new listings to compete with, making their properties stand out more. While the data shows a relatively flat market, as you drill down into specific neighborhoods and price segments, there is significant variability. I am always available for a specific market analysis for any segment of the market that matters to you.
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