As we progress deeper into summer, the steady activity of this year continues, along with the established trends: increased inventory, sales, and stable prices. Mortgage rates have also remained stable, just three basis points under 7% this morning for a 30-year fixed-rate conventional mortgage. Closed sale volume continues to outpace 2024 while remaining well below the frantic pace of 2020 through 2022. Nothing on the horizon indicates a change in these trends. Conditions for sellers are as strong as they have been in the last three years, with the caveat that pricing realistically for today's market has become more critical. With building inventory, there is a growing number of homes that are lingering, as not every segment of the market is experiencing consistent sales.
Deschutes County inventory has reached levels not seen since before the pandemic, now at 1,423 single-family listings.Eighty-one pending sales, at an average list price of $917,917, exceed the number seen in the last several weeks and are indicative of the increased activity typically observed at this time of year. There have been forty-seven sales at an average price of $810,831 this week. For comparison, on this week last year, there were 1,018 listings, 79 pending sales, and 41 closed transactions with an average closing price of $744,012.
Crook County inventory experienced moderate growth this week, up to 220 single-family listings, an increase of four since last week. Eight pending sales are more in line with a typical week in the county, and half the robust pending sales reported the previous week. There were also half the reported sales this week at four, with an average closing price of $492,870. Notably, there were no closed transactions in Powell Butte or Brasada Ranch this week. On this week last year, there were 124 single-family listings in Crook County, with six pending sales and six closed transactions at an average sale price of $727,150. On weeks without sales in the Powell Butte area, the average sale price decreases considerably, so don't read too much into the higher average sale price last year.
Jefferson County inventory increased by five to 123 single-family listings this week. Five pending sales and a whopping nine closed transactions, at an average sale price of $405,044, indicate buyers in the county are stepping up. Last week of the same year, there were 93 listings in the county, with nine pending sales and three closed transactions at an average sale price of $651,000. The increase in inventory in Jefferson County has improved the selection below $500,000, creating more affordable options for buyers.
The longer mortgage rates stay elevated, the more inventory builds. So far, the increase in homes for sale hasn't dropped the median sale price, and in many segments of the market, prices are increasing. The steady pace of sales and firm prices is consistent with a steadily growing community. Deschutes County is a popular option for new residents and locals alike, and nothing seems to be slowing down growth in Central Oregon. I expect these trends to continue through the remainder of the year, with an increase in sales volume and a median sale price higher than in 2024.
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