Mortgage interest rates reached the low point of this cycle just before the last Federal Reserve meeting, and spiked nearly as much as the Fed rate decrease immediately after, where they have stayed since. With another rate decrease this year seemingly off the table, rates should remain stable for the next few months. However, the slight increase in rates (the national average for a 30-year fixed-rate mortgage, conventional mortgage this morning is 6.34%) hasn't slowed buyers, with solid pending sale numbers this week. Weather plays a factor in activity at this time of year, and the storms so far this season have been mild, followed by stretches of dry days with mild temperatures. Whatever the reason, activity this fall is steady, and with so many great opportunities available, I anticipate the trend continuing.
Single-family homes listed for sale in Deschutes County dropped 41 this week to 1,116. Pending sales were up considerably from last week at 72, with the average list price for these transactions at $921,576. Sixty-one closed transactions are above recent averages, with the average sale price at $926,774. The sold-to-original-list-price ratio was 93.98%, with 39 of the 61 closed transactions negotiating a lower price.
Crook County active listings dropped eight from last week to 196, the first time inventory has been below 200 since April. Eight pending sales at an average of $1,095,988 occured, with the average sales price helped by three transactions in Powell Butte over $1 million. Two transactions closed this week in Prineville: one at $475,000 (initially listed for $472k) and one at the full listing price of $559,900.
Jefferson County inventory remains stable at 128, down only one from last week. Three pending sales occurred at $289,900, $290,000, and $330,000, with two reducing the list price before securing a buyer by -2.94% and -17.14%. Two transactions closed this week at $304,000 (initially listed for $319,000) and $405,000 initially listed for $469,900. The closed sales represent reductions from the original list price of 3.13% and 14.9% respectively.
The average and median price reductions throughout Central Oregon are compelling, but many properties are taking even deeper double-digit price reductions this fall. With moderate mortgage interest rates, the result is deals that rival or beat many of the monthly payments when rates were half what they are today. This fall is proving to be the best buyer's market in several years and is certainly worth a look for anyone who has been waiting for better conditions.
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