With mortgage rates steady at 6.92% for a 30-year fixed-rate conventional mortgage, a healthy supply of inventory, and just seven weeks until July 4th, the trajectory for the rest of the summer is established. Transaction volume is in line with, or slightly better than, the last couple of years, and prices are holding up. One thing to keep in mind about our market is the seasonal lull that typically occurs around July 4th. Many families take advantage of the last big summer holiday to recreate, BBQ, and take time off, setting their housing needs aside. Activity increases again after the fourth before another lull around Labor Day, followed by one of the busiest times of the year, from mid-September to early November. There is another push of activity before another lull around Labor Day, before we enter one of the busiest times of year, mid-September through early November. Seasonal-bound activity in Central Oregon has distinct periods of increased activity. Of course, transactions occur year-round, but the busy summer season passes quickly.
This morning, there are 1,299 single-family homes listed in Deschutes County. This week last year, there were 940 listings, a notable increase in the face of higher rates and economic uncertainty in many segments of the economy. A steady eighty listings are pending this week at an average of $870,297, and only 23 median days listed. Fifty-two transactions closed at an average price of $993,733, and 28 median days listed.
Crook County has 218 single-family listings this morning, 99 more than this week last year. Eight pending sales, at an average of $667,500 and with a median listing time of 34 days, are consistent with the trends of the last several weeks. Three transactions closed at $399,000, $324,000, and $295,000, listed 10, 248, and 57 days respectively.
Jefferson County has 117 single-family listings this morning, up from 86 this week last year. Activity is strong, with 10 pending sales at an average price of $472,470 and a median listing duration of 26 days. Two homes closed at $680,000 in Culver, listed 389 days, and in Madras at $425,000, listed only 12 days.
The most impactful trend of this selling season is the increase in inventory. Selection helps buyers in numerous ways, with increased competition at various price points helping to moderate prices to some extent. So far, this hasn't significantly impacted the yearly median sale price, but some great deals are unquestionably available. Getting the listing price correct from the outset is key to shorter marketing times for sellers. Considering how our market activity will behave in the upcoming holidays and seasonality, there isn't much time to appeal to the broadest number of buyers. Pricing too high can extend marketing times and require a retreat to more realistic pricing when fewer buyers are available.
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