Shorter days and changing weather are settling into Central Oregon, and the housing market is in the midst of the seasonal slowdown in transaction volume. But for the buyers active today, the deals negotiated have been well worth the effort. In any year, a significant number of sellers on the market late in the year are highly motivated to close by year's end, and this year is no different. While mortgage rates may be slightly higher than recent lows, they remain attractive, especially when combined with double-digit price reductions. Granted, the properties taking the deepest cuts were overpriced to begin with, but deals are still happening, and sales volume is up year over year.
Inventory in Deschutes County sits at 1,157 single-family homes, down 84 from last week, and up 90 from this week last year. Fifty-three pending sales averaged $853,089, with 33 of those reducing the price by an average of 6.29% before finding a buyer. Sixty-five sales closed, averaging $884,329, with 44 of those transactions reducing the price an average of 8.24% before securing a contract. The sold-to-list ratio was 97.4%, with the sold-to-original list ratio at 91.87%. Not every home adjusted its price, but several cut prices even deeper than the average, offering some great deals for buyers.
Crook County inventory decreased eight to 204 single-family listings. Four pending sales averaged $493,475, with one reducing the asking price by 15.33%. Eight transactions closed this week, averaging $609,875, with the sold-to-list ratio at 99.44% and the sold-to-original-list ratio at 93.85%.
Jefferson County inventory remains stable at 129, down six from last week. Four pending sales averaged $401,475, and all four listings reduced prices by an average of 8.95%. Two transactions closed this week, at $425,000 and $444,900. The closed sale at $425k initially listed at $639,000, a 33.5% reduction after 712 days on the market. The other closed transaction closed at 7.1% below the list price after 493 days on the market, notable for a home built in 2024. Higher mortgage rates and increased inventory have significantly altered the dynamics for many properties in Jefferson County.
For buyers ready to purchase this fall, who can find a suitable property, the conditions are better than they have been in several years. Much of this comes down to sellers being realistic about today's market. Overall, sales volume is up slightly from last year, along with prices, but in much smaller increments than the run-up to the peak market in 2022. Increased competition creates opportunity, but stability is the best word to describe the Central Oregon Housing market today. With another Federal Reserve rate decrease all but off the table until late January, there shouldn't be any surprises for the next few months as we transition to a new year and a fresh selling season.
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