While mortgage rates have bumped up to a national average of 6.48% for a 30-year fixed-rate conventional loan, inventory and activity are also increasing, with marketing time decreasing. New listings benefit from evaluating the last several months of activity and are typically priced right and attractive. Buyers who are very familiar with the current inventory are poised to move quickly when the right property comes along, and we are seeing that reflected in the lower days-on-market.
Inventory in Deschutes County this morning increased by 33 to 996 listings. This week last year, there were 967 listings, as supply continues to outpace 2025 levels. Eighty-five pending sales this week are up 26 from last week, as spring activity begins to ramp up, with the median days on market at only 18. Twenty-eight of the pending sales reduced the asking price before securing a buyer, by an average of 4.96%, with an average list price of $773,827. 55 closed transactions averaged $703,393 and had a median of 13 days on the market. The sold-to-original-list-price ratio was 97.48%.
Crook County inventory increased by 12 to 193 active listings this week, compared to 159 on this week in 2025. Seven pending sales are down 5 from last week, with 2 of those sales reducing the asking price before securing a buyer, by an average of 3.83%. The average list price of the pending sales was $689,414. Twelve transactions closed this week, up by eight from last week, with the sold-to-original-list-price ratio at 95.7%, and the average closed sale price was $663,658.
Jefferson County inventory increased by nine this week to 121, the first time listings have been above 120 since December. On this week last year there were 104 active listings. Four pending sales are down 2 from last week, with the average at $521,224, and 2 properties reduced their list price before securing a buyer by 3.69%. Seven transactions closed this week, up three from last week, and averaging $394,399. The sold-to-original-list-price ratio was 95.14%.
While activity is increasing and the number of days listed for pending and closed transactions is decreasing, week-to-week volume has been uneven. Some of that is just seasonal variation, but much of that is attributed to mortgage rate volatility.
Rate buy-downs are coming up more frequently in conversations with lenders, as most agree that mortgage rates will decline somewhat in the near future. A popular product is the 2/1 rate buy-down, which uses a seller credit for prepaid interest. The buyer would then have a rate 2% below today's rate for the first year of the mortgage, 1% less for the second year, and then the current rate for years 3-30. This loan product provides short-term relief until rates decline. The drawbacks are paying the seller credit amount (typically $15,000 on a $500k purchase price), incurring additional closing costs when it is time to refinance, and resetting the loan term to 30 years. Ask your lender to calculate the ROI on this loan scenario.
Experience matters when buying and selling in today's market conditions. After nearly 14 years in real estate, with experience in construction and as a landlord, I am positioned to help you, no matter your goals this year. Please reach out if you have any questions!
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