This week, the days the pending sales were on the market dropped in Deschutes and Crook Counties and increased slightly in Jefferson County. The increase in Jefferson County was modest and is still only 18 days, while Crook dropped thirty to 23, and Deschutes dropped nine to 16. Inventory growth across all three counties was modest, with clear signs buyers are engaged and snapping up attractive properties. More properties lingering from early spring listings are now pending, including my listing in SW Bend, which had tremendous traffic from day one. Mortgage rates this morning are 7.07% for the 30-year fixed-rate national average, on the last several months' lower end of the spectrum. While rates may be uncomfortably high from many perspectives, the stability in rates has spurred activity, not the actual rate. The message of rates staying where they are for a longer period seems to be sinking in, and I see less and less marketing pitching a "rate pivot" than earlier this year. As I mentioned last week, the real interest rate (rate paid minus inflation) is hardly restrictive.
This morning, 1026 single-family homes are listed in Deschutes County, up eight from last week. The pending median sale price is 725k, a modest increase over last week, but the average pending price is 988k, the highest since July 2023.A higher average price shows more higher-priced homes pending, a trend I have noticed as I have researched the MLS. An influx of new listings at higher prices has created activity, with only sixteen days for the median pending sale days on the market and a solid 87 pending sales this week. Seventy-two sold homes at only ten days on the market further indicates how active the buyers are. The median price reduction for the sold homes before securing a contract was only 2.02%. If you see something you like, in most cases, you will need to act fast to make it yours.
Crook County inventory increased by six to 130, with nine pending sales at a median of 23 days listed. Nine homes are pending this week, with seven sold at median days of 23 and 31 respectively. The pending sale average price reduction was -2.68%, and the sold average was -1.09%. Sellers are getting their asking price in Crook County.
Nine more homes are listed in Jefferson County this week than last, for 102. This is the first time inventory has reached triple digits since I started tracking the data two years ago. Four pending sales at eighteen days listed and seven closed transactions at a median of 12 days show an active market. The pending median and average price change are a positive 3.12%. It is rare to see price increases in the median price change, but as always in Jefferson County, the data pool is too small to apply this metric broadly across the entire inventory. However, all four pending sales were under 400k.
This morning, I am off to attend an inspection, which I do for every buyer I work with. Whether it is a home, septic, or well inspection, I want to be there if any issues arise to speak with the inspector first-hand and learn as much as possible about the problem. I've learned a lot from inspectors over the years, and I never regret being on-site to ensure I am doing everything I can for my clients. Whether compiling data to write these reports, researching the market for comparables to give a price opinion, or working with inspectors and title companies for a smooth transaction, I take pride in being knowledgeable and hands-on. And that service doesn't stop when the transaction closes! Whether you are taking on a renovation or have questions about who to contact in one of our local governments for more specific information, I am just a phone call away.