As expected with the holiday-shortened week, activity in the Central Oregon housing market slowed over the last seven days. In Deschutes County this morning, there are 750 active listings, down fourteen from last week. Pending sales were thirty-three, with seventeen closed transactions—the pending activity aligned with the previous year's week, with the sales exactly half. The median sale price for the week was 750k, nearly 100k higher than the year-to-date median sale price, with an average of 924k. Interest rates have softened a bit, sitting at 7.3% this morning.
Crook County inventory dropped four to 140, with two pending sales and five closed transactions. Two of the five sales were in Powell Butte and Brasada Ranch at $1.43M and $1.44M, respectively, leaving the average sale price of the three Prineville area homes at $469,897.
Jefferson County inventory increased by two and is now at eighty active listings. Seven sales were pending, with one home sold for 410k.
The seasonally lower inventory is striking in the small community of Sisters, where there are only forty-one active listings. Of the two homes placed under contract in Sisters last week, one listed for 625k north of the Aspen Lakes Golf Course, and the other near Black Butte Ranch listed for $1.395M. There were no closed transactions in Sisters last week. Year-to-date, Sisters has closed 162 homes at a median of 719k. So far this year, the least expensive home sold in Sisters went for $470,463, while the most expensive sold for $15M! Year-to-date, in 2022, there were 201 sales in Sisters at a median of 740k, with the most expensive sale at $6.8M. The City of Sisters has a wide range of property types and sizes, with several "trophy" home sites, genuinely remarkable properties, and more affordable homes near downtown.
Heading down to La Pine, one of the fastest-growing communities in Central Oregon, there are seventy active listings today at a median of 550k. Four homes were pending last week at a median of 337k, with two sales. The sold properties closed at 450k and 525k. Last year, there were 259 sales in La Pine at this point of the year at a median of 465k, compared to 178 sales so far this year at a median of 425k.
Another Central Oregon community seeing rapid growth is Redmond, home of the Eagle Crest Resort and the largest airport in the area. This morning shows 179 homes listed in Redmond at a median of 599k, with ten pending sales at a median price of 537k and two closed sales at 375k and 557k. Year-to-date, Redmond has closed 662 single-family homes at a median of 502k compared to 897 at this point last year at a median sale price of 535k.
Central Oregon has many great communities with price points to suit almost any buyer. Each community has its unique feel and attraction, with a relatively short drive to virtually any city in the area. Whether you want to explore Lookout Mountain in the Ochoco Mountains near Prineville, the Metolius River outside Sisters, Smith Rock in Terrebonne, the Phil's Trail Network in Bend, the trails and amenities of the Sunriver Resort, or fishing the Fall River in La Pine, everything is readily available. While Mt. Bachelor might be waiting for one more winter storm to open the lifts, our mild temperatures of late mean mountain biking, hiking, and even golf are still happening all across the region. Even the heavier snows at Mt. Bachelor leave Bend and the surrounding communities relatively unscathed during many storms, and most people find our winter seasons relatively mild compared to many ski-focused communities in the West. Enjoy our extended fall while you can; there is sure to be more winter headed our way before long!
I am actively exploring Central Oregon year-round and know our communities and the housing market thoroughly. If you are considering making this part of the world home, please reach out anytime with any questions. I am always happy to share my knowledge of the area!