Stable mortgage rates and unseasonably mild weather throughout Central Oregon have helped extend real estate activity deep into the year. With Thanksgiving just one week away, which typically would coincide with the opening day of the ski season at Mt. Bachelor, the resort is showing bare ground and temperatures above freezing. Winter in the Cascade Mountains has a way of making up for lost time, and snowy weather will eventually kick in. However, the forecast for the next ten days shows sunny skies with temperatures in the upper 40s to low 50s, extending the most pleasant fall weather in the past several years.
Deschutes County had another productive week with 74 pending sales averaging $919,407 and an average price drop before securing a buyer of 7.56%. Active listings decreased by 43 to 1,073, with the average price reduction at 6.48%. Sixty-seven transactions closed, the most since early October. The sold-to-original list price ratio was 93.13%, consistent with the past several weeks. Typically, the market slows during the holidays, but this year's weather might keep activity elevated.
Crook County activity also remains steady, with eight pending sales this week, averaging $620,006 and an average price reduction before securing a buyer at 6.98%. Inventory decreased by seven to 189 active listings, with the average price reduction at 6.23%. Six closed transactions are consistent with the past several weeks, with the average price reduction before securing a contract at 10.6%, and the average sold-to-original list price ratio at 93.36%. The price reductions this week for the closed transactions were modest, but one property east of town on Mill Creek Road skewed the data, selling for 31.375% below the original list price.
Jefferson County also had a big week of activity, with seven pending sales averaging $452,107 and an average price reduction before securing a buyer of 7.05%. The active listings decreased by four to 124, with the average list price at $575,796 and the average price reduction at 6.06%. Seven transactions closed this week, the most since early September, averaging $421,900, with an average price reduction of 14.42% and a sold-to-original price ratio of 87.06%. It was an exceptional week for buyers in Jefferson County, with one notable sale at $860k, initially listed for $1,198,000 - a reduction of 28.2%.
I can't stress enough how favorable the market has been for buyers this fall, despite slightly elevated mortgage rates. With double-digit percentage decreases common for closed transactions this year, the lower prices have more than compensated for the current national average 30-year fixed-rate mortgage interest rate of 6.38%. Locking in a great price today and refinancing to a low rate later creates a "best of both worlds" scenario that isn't always easy to pull off.
Whether you are active in the markets today or looking towards the future, I hope you and your families have time this Thanksgiving to appreciate the important things in your lives. Real estate will be waiting whenever you are ready!
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