Now that Thanksgiving is here, the 2024 real estate market is winding down. Most buyers looking today will not close on a property until 2025. Over the coming weeks, I will write an area-specific analysis of how the year shaped up. While sales volume and prices increased slightly over 2023, this year behaved similarly despite higher-than-expected interest rates. This morning, the national average for a fixed-rate 30-year conventional mortgage is 6.95%.
Deschutes County shows twenty-three fewer homes listed for sale than last week, now at 1,019. Fifty-two homes are pending at an average list price of $913,134. Fifty-three closed transactions at an average price of $833,135, with an average price reduction of -5.82%. While the volume of transactions is down from summer and fall levels, the volume exceeds that of the last two years seasonally.
Smaller Crook County shows 171 single-family homes listed, a reduction of five from last week. A robust seven pending sales at an average of $464,271 outpaces the previous week by three. Four transactions closed at an average of $457,698 and an average price reduction of -5.6%. Transaction volume in the county remains strong, with many of the lower-priced properties finding buyers.
Jefferson County inventory decreased by one to 106 single-family listings. Five pending sales at an average price of $544,999 show consistent demand into the winter months. There were six closed transactions at an average price of $369,566 and an average price reduction of -8.13% to round out the weekly statistics.
This time of year generally favors buyers, but our market is still competitive, depending on the property. On Monday, I helped clients secure a contract on a property with three offers and more coming. In these situations, the buyer, lender, and the rest of the team must be prepared to act quickly. Another important factor is knowing how to structure an offer that is appealing to a seller. Thankfully, everything came together on a great property, and everyone involved was essential to that happening. No matter what price or area you are looking for in Central Oregon, I can help with everything from research to property evaluation to closing.
Happy Thanksgiving!
