With inventory growth across all three counties of Central Oregon and mortgage rates at 6.79% this morning, conditions continue to favor buyers slightly as we enter the 2025 selling season. While prices remain relatively firm, different price points are experiencing varying degrees of pressure from new inventory. Sellers are listing their homes, and I anticipate more inventory than in the last several years. Today's market's most significant price pressures are below the median sale price.
This week, Deschutes County added 40 homes to the MLS for 884 single-family listings. The median number of days listed for the active inventory is 55, less than any time over the last several months. Fewer days listed are typical for spring when older listings find buyers and new homes flood the market. Sixty-two pending sales this week, 21 less than last week's robust activity, is still ahead of the pace for the last several weeks' pending sales. The average price of actively listed homes is $1,147,969, $928,455 for pending sales, and $849,233 for closed transactions. For a detailed analysis of Deschutes County inventory, click to sign up for my Central Oregon Luxury Market Report!
Crook County inventory is finally starting to build, with 164 single-family homes listed this morning, up 18 from last week and the highest since December 18, 2024. The average list price of the active inventory is $977,087. There were six pending sales in Crook County this week at an average price of $420,315 and four closed transactions at an average of $759,750. All four closed sales this week were in Powell Butte or Brasada Ranch, with all six pending sales in Prineville. With just under 29,000 residents in Crook County and a large and diverse geographic area, analyzing this unique part of Central Oregon takes local knowledge and attention to the differences that make up the county. The premier golf course community of Brasada Ranch stands alone in the county without peers. The views and acreage around Powell Butte and the nearby proximity to Bend and Redmond deserve specific analysis. For more information about Crook County properties over $1M, check out my Luxury Market Report published every Friday.
Jefferson County inventory is slowly inching up. This morning, 102 single-family homes were listed, up two from the previous week. The average list price of the active inventory is $562,316. The average list price of the three pending sales this week was $458,322. This week, there were two closed transactions, one at $279,999 and the other at $427,900.
The Consumer Price Index Report, due later today, can create volatility in mortgage rates if the number is significantly higher or lower than predicted. Still, I anticipate mortgage rates staying near 7% for the foreseeable future, with variation up and down approximately 30 basis points. Relatively stable rates and adequate inventory equate to a predictable housing market in Central Oregon. For buyers on a tight budget, focused on homes at or below the median sale price, patience is a virtue as the inventory of new listings climbs. For those seeking unique properties with a mix of hard-to-find features, Cascade Mountain views, and trophy locations, it is essential to stay knowledgeable about the market and to act quickly when the right property comes along.
I recently completed a detailed market analysis for a unique property in Crook County with no easy comparables. I analyze properties in Central Oregon every day of the week, and other agents regularly ask my opinion on hard-to-price properties. Please feel free to reach out anytime you need help with a price opinion, and I will be happy to create a market analysis specifically tailored to you.
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