Although the weather in Central Oregon has recently felt wintery, spring is undeniably on its way. Mortgage interest rates have softened a bit, now at 6.79%, while activity has increased in Crook and Jefferson Counties and slowed to more average levels in Deschutes County for this time of year. The average price change for Active, Pending, and Sold properties is declining, as well as the days listed before securing a contract. New listings at this time of year benefit from seeing how prices impact sales, and homes priced correctly are selling fast. Quick sales are not even across the board, and inventory levels continue to climb, especially in Deschutes County, the largest region of Central Oregon. Let's take a closer county-by-county look at the activity last week.
The Deschutes County inventory of single-family homes climbed above 900 for the first time since December 11, 2024, at 927. While 411 of the actively listed properties have lowered the asking price, the median price reduction is modest -3.7%, typical of peak-season price changes. Fifty-nine pending sales decreased from the higher numbers in the first two weeks of March but were in line with the previous several weeks. However, the median days listed before securing a contract in the pending sales were only eleven, with an average sale price of $981,484. Forty-eight homes sold at twenty-two median days listed, and a median price decrease of only -1.68%. These numbers indicate knowledgeable buyers poised to jump on great homes at good prices. On March 20, 2024, there were only 623 active single-family listings in Deschutes County, and it wasn't until late May that levels surpassed 1,000.
Crook County inventory decreased three this week, now at 161 listings. While the trend is moving towards more inventory on a seasonal basis, the county's levels are nowhere near as high as those in neighboring Deschutes County. Ten pending sales in the previous week, only twenty-one median days on the market, and a median price reduction of -1.8% indicate strong buyer activity. There were also ten closed transactions with seventy-four median days listed and a median price decrease of -2.27%. The inventory bottom in Crook County in 2024 occurred at the end of January at 102 and peaked on October 23 at 184.
Jefferson County inventory increased four this week to 106, with two pending sales and five closed transactions. Of the pending sales, only one changed the price by -1.17% before securing a contract, while two of the five closed transactions accepted lower offers, averaging only -1.55%. The last time Jefferson County inventory was at this level was late November, with the peak at 120 on September 25 and the bottom on March 6 at 72.
Strategically, buyers and sellers will be well served in the housing market this year by paying particular attention to price. Well-priced homes are moving quickly, but even modestly overpriced properties are lingering. Aggressive price decreases to align properties with the market are securing contracts. With more inventory, buyers can compare and contrast options at a particular price, making some properties stand out as great deals.
Be sure to check out my Luxury Market Report on Friday. There was solid activity this week between $1M and $2M and over $2M. Each market segment has different dynamics; market-specific data is vital to buyers and sellers in making good decisions. The Central Oregon housing market is stable, but for sellers in particular, price is essential to a timely sale.
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