My Weekly Central Oregon Real Estate Blog

Every Wednesday morning, I post a market report for Central Oregon with information about homes, market trends, and real estate news, and on Friday, I post about the luxury market. Register today, or contact Reed for immediate assistance. 

Dec. 25, 2024

Central Oregon Market Report | December 25, 2024

Central Oregon Market Report for December 25, 2024

Merry Christmas! I hope you and your family have a wonderful holiday and enjoy quality time together as the year winds down. I have much to be thankful for this year, particularly all of my wonderful clients who rely on me to help them with their real estate needs. I feel blessed that so many of you trust me with your questions and tasks in the Central Oregon housing market!

 

 

As the year winds down and we begin speculating on what the housing market will look like in 2025, mortgage interest rates play a big part in the equation. This morning, after a week of spiking bond yields, particularly for the 10-year Treasury, the national average for a 30-year fixed-rate conventional mortgage is 7.1%. Today's higher mortgage rate sits on the heels of another 25 basis point decrease in the Federal Fund Rate; the short-term rate banks charge each other for overnight loans. While reducing the Federal Funds Rate may take a bite out of credit card interest rates or car loans, long-term mortgage interest rates are not correlated. Looking ahead, the Federal Reserve plans to hold steady at the current rate. Hopefully, as spring unfolds, mortgage rates will soften. Although, with current economic conditions, I do not anticipate mortgage rates below 6.5% anytime soon.

 

 

The inventory of single-family homes in Deschutes County dropped again this week, now at 848, with the average listing price at $1,096,544. Pending sales remain consistent at 45 for the week, at an average price of $726,792. Closed transactions also remain steady at 46, averaging $849,754. The median price change for pending sales was -8% and -5.44% for the closed transactions. The median sold price per square foot was $321, and the average was $383. Several weeks of 2024, the average sale price per square foot was well above $400, showing how volatile this metric is weekly.

 

 

Crook County inventory decreased by eleven to 156, with the average active listing priced at $903,080. Eleven pending sales are the highest since August, averaging $742,725. Just three homes closed this week at an average price of $364,000. The median price change from the original list price for pending sales was -6.33%, while the closed transactions averaged -11.76%. Remember that the negotiated price for pending sales is not revealed until the transaction closes. This week, the median sold price per square foot was $229, and the average was slightly higher at $231.

 

 

This week, activity in Jefferson County was subdued with an increase in actively listed homes of one, now at 99. There were no pending sales and just one closed transaction at $390,000. The closed transaction went for the full listed price, 89.66% of the original list price. This home sold for $247 per square foot. Sold prices compared to the original list price are important considerations when looking at the prices of actively listed homes. In many cases, sellers bring the asking price down until a buyer steps up and then tries or succeeds in getting the "full price." Homes selling at full price often indicate the true market price, with several adjustments along the way before finding a buyer. 

 

 

Whatever the market brings for 2025, I will continue researching our inventory and staying current on the economy's essential metrics. In addition, working with buyers and sellers gives me necessary insight into home prices and what motivates people on both sides of a transaction. I am grateful to all of you who lean on me for help navigating our diverse market.

 

 

I look forward to seeing you in 2025!

 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Dec. 18, 2024

Central Oregon Market Report | December 18, 2024

Central Oregon Market Report for December 18, 2024

Today, the Federal Reserve is likely to drop the overnight rate by another 25 basis points despite inflation trending upward. However, mortgage rates this morning are up ten basis points from last week, with the national average for a 30-year fixed-rate conventional loan at 6.92%. A decrease in the overnight rate is unlikely to have much impact on mortgage rates and won't help tamp down inflation either. Heading into 2025, I do not expect more Fed rate cuts for several months or longer. I also anticipate mortgage rates will be in the 6.5% - 7% range, slightly better than last year's rates during the peak of the selling season but elevated from early 2024. The two biggest factors impacting the Central Oregon housing market will be buyer demand and inventory levels.

 

 

This morning, there are 877 single-family homes for sale in Deschutes County, a decline of forty-eight from last week. Over the next several weeks, inventory will drop sharply as listings expire at the end of the year and sellers wait for increased spring activity to relist. Forty-four homes are pending this week at a median list price of $928,707, with sixty-three closed transactions at a median sale price of $775,096. The median days on the market for closed transactions was thirty-four, showing that desirable, well-priced homes are still moving

quickly. Activity is solid for this time of year, but including today, there are only nine business days left this year! Expect a decline in transaction volume over the next several weeks until we get settled into the new year.

 

 

Crook County homes listed for sale only decreased by four to 167. Inventory in the county has remained stubbornly low in the last few years, making significant reductions less likely as we head into winter. With five pending sales at a median list price of $349,000 and five closed transactions at a median sale price of $655,000, activity in Crook County remains consistent. Pending median sale days on the market were only thirty, with the closed days at forty-one.

 

 

Jefferson County inventory has remained low; this week, it only declined by one to ninety-eight. Two pending sales with an average list price of $413,700 and four closed transactions at an average of $480,791 are consistent with the last few weeks. 

 

 

While transactions will continue throughout the end of the year and into January, this is unquestionably the slowest time of year, with several holidays breaking up the weeks. As inventory declines, many sellers are positioned well with less competition. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Dec. 11, 2024

Central Oregon Market Report | December 11, 2024

Central Oregon Market Report for December 11, 2024

Mortgage rates have softened as the year winds down, with the national average for a 30-year fixed-rate conventional loan at 6.78% this morning. Today's rate is nearly identical to rates at this time last year. The Consumer Price Index data coming out today will be the final piece of the puzzle before the next Federal Reserve meeting regarding another potential rate cut. While recent Fed rate cuts haven't equated to lower mortgage rates, another overnight reduction couldn't hurt. 

 

Year-to-date sales for single-family homes in Deschutes County show 3,177 transactions, up slightly from last year's 3,054 sales by this day. Year-to-date, in 2022, there were 4,005 sales, and in 2021, 5,013. Inventory of available homes for sale has increased, while transaction volume has decreased, mainly due to higher interest rates. While rates may have softened demand, prices have been flat since 2022. With inventory experiencing typical seasonal decline, it will be telling for the spring market how low the number of homes for sale drops before the spring build-up begins. 

 

In Deschutes County, the number of homes listed for sale decreased again, now at 925, down thirty-nine from last week. Pending sales picked up to 48, with a median list price of $742,400. Closed transactions more than doubled from last week to 55, with a median closed price of $617,500. The median sold price per square foot was $361, with the average at $391. 

 

Crook County experienced a slight decline of three in the number of homes for sale, now at 171. Again this week, there was only one pending sale at a list price of $172,000. Five transactions closed this week at an average of $548,360 compared to zero closed transactions last week. The median sold price per square foot was $313, and the average was $330.

 

Jefferson County homes for sale dropped below 100 for the first time since June and are now at 99. Two pending sales, at an average of $414,995, and zero closed transactions are typical for this slower time of year. Last week, the two closed transactions averaged $246 per square foot.

 

There is little doubt this is an excellent time of year for buyers. However, finding the right property can pose a challenge with declining inventory. Mortgage rates may not drop significantly in 2025, but we also seem clear of the threat of rates above 7%. One thing is clear: the housing market in Central Oregon is showing more stability than in the last few years and looks more like a typical market. Demand from an excess of 5,000 new residents a year moving to Deschutes County puts a floor under housing prices, which would require a big shake-up to change significantly. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Dec. 4, 2024

Central Oregon Market Report | December 4, 2024

Central Oregon Market Report for December 4, 2024

County offices in Central Oregon were closed on Thursday and Friday last week for Thanksgiving, sharply reducing the number of business days for the week. In turn, the number of closed transactions was down sharply for the week. With just two weeks of business days left in 2024, any transactions not already in motion with a closing scheduled for 2024 will occur in 2025! I am always amazed at how quickly the last month of the year flies by, and this year is no different.

 

 

This morning, the national average for a 30-year fixed-rate conventional mortgage is 6.85%, showing recent stability in rates. After much speculation about lower interest rates for 2025, mid-to-high sixes are the range we can expect to see in the foreseeable future. If this rate prediction comes true, I expect slightly more inventory of homes for sale to continue, with reasonable price stability. Nationwide, there is a lot of variation in housing dynamics from location to location, and many reports look at national numbers to quantify the market. While there may be some utility in seeing the housing market from a 30,000-foot view, the market you are selling or buying in is all that matters. 

 

 

The population growth in Central Oregon has had the most significant impact on home prices, along with reduced inventory. While homes for sale increased significantly this year, inventory did not increase enough to soften prices dramatically. Prices are up this year compared to 2023, even though growth from 2022 is flat. For sellers, these dynamics place extra emphasis on pricing correctly. There may be some bargains for buyers, but every market segment is different. Recently, I represented buyers on a home with multiple offers, showing that only some scenarios are conducive to below-asking price dynamics. 

 

 

This morning, Deschutes County's inventory of single-family homes dropped below one thousand for the first time since May. Now, at 964 homes for sale, the big question will be how low inventory declines over the winter and how quickly inventory builds in spring. The holiday-shortened week shows just thirty-six pending sales and twenty-five closed transactions. 

 

 

Crook County inventory climbed slightly to 174 single-family homes listed, up three from last week. One house was pending at a list price of $225,000 with zero closed transactions. This week, in 2023, there were 135 listings. While prices may not decline, additional inventory is helpful for buyers, with significantly more options at lower price points.

 

 

Jefferson County inventory is flat at 105 listings, down one from last week. One pending sale at $525k and two closed transactions at an average of $319k are typical of a short business week. 

 

 

The strong seasonal nature of the Central Oregon housing market allows for considerable speculation between calendar years. Even during the strongest markets, the winter transaction volume drops, making it difficult to predict trends until springtime. Over the next several weeks, I will break down the different segments of our market, comparing sales volume and prices from recent years. The off-season can be an excellent opportunity for buyers if they find a home that suits their needs. Sellers can also benefit from reduced competition with other homes for sale. Whatever your timeline, I would be happy to help you learn about our market and develop the best strategy for your situation. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Nov. 27, 2024

Central Oregon Market Report | November 27, 2024

Central Oregon Market Report for November 27, 2024

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! 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Nov. 20, 2024

Central Oregon Market Report | November 20, 2024

Central Oregon Market Report for November 20, 2024

The national average for a 30-year fixed-rate conventional mortgage this morning is 7.04%, down from 7.34% on this day last year. While many have hyped a rate pivot from the Federal Reserve as the trigger for lower rates in the mortgage markets, that has not been the case. And now that inflation is creeping back up, it remains to be seen how many more rate decreases the Fed will be comfortable making. The good news is stability and predictability in the markets, albeit at higher rates than many hoped for by now. 

 

 

Deschutes County:

Twenty fewer single-family homes are listed this week in Deschutes County than last, with today's inventory showing 1,042 listings. Once again, there were more closed transactions than pending at 60 and 49, respectively. This week's average pending sale price was $759,164, with the average closed price at $832,230. 

 

 

Year-to-date sales of single-family homes in Deschutes County are up eighty-four from last year at 3,010. The median sale price at this point in 2023 was -3.65% less than in 2022 ($660k) but this year is up +3.79% at $685k, the same median sale price at this point in 2022. Increased inventory has not been enough to improve sales volume significantly in the face of higher mortgage rates. All of this indicates flat growth heading into 2025. However, the impacts are not consistent across all price points.

 

 

Crook County:

The inventory of single-family homes in Crook County decreased by two, now at 176 listings. Eight closed transactions at an average price of $685,125, with four pending sales averaging $394,050, rounded out the week. 

 

 

Year-to-date sales of single-family homes in Crook County are up twenty-nine from last year at 355. The median sale price at this point in 2023 was -4.7% less than in 2022 ($467k), but this year is up +5.4% at $469k, only a two-thousand dollar increase since 2022. While inventory in the county is up slightly from the last two years, it isn't enough to significantly impact prices. As long as mortgage interest rates remain near 7%, I do not anticipate much movement in sales prices for Crook County. However, like the rest of Central Oregon, the impacts are inconsistent.

 

 

Jefferson County:

The number of single-family homes for sale in Jefferson County decreased eight this week to 107, compared to 88 this week in 2022 and 78 this week in 2023. Six pending sales, at an average of $343,975, and four closed transactions, at an average of $423,725, are consistent with recent weeks, even though there is a more considerable variation in weekly numbers because of the smaller data pool. 

 

 

Year-to-date sales of single-family homes in Jefferson County are 201, up eleven from 2023 but down considerably from 2022's 294. The median sale price in 2023, $387k, decreased by 3.25%, while the average price increased by +3.7%. The median sale price increase year-to-date for 2024 is +3.8%, or $402k. The median sale price in the county has been flat since 2022. 

 

 

The data from Central Oregon shows a softening of sales volume with flat prices over the last two years. Mortgage rates may be down slightly, but at roughly 7%, many buyers are priced out of the market or at least out of the type of properties they desire. I do not anticipate economic conditions changing the dynamic much for 2025, but I am always open to being surprised! The good news is stability makes planning more straightforward. In most cases, buyers have time to consider several options without rushing into a purchase or competing with several other buyers. The current conditions may make fix-and-flip prospects more difficult, but for anyone with a more extended timeframe for ownership, conditions are excellent, with increased selection and motivated sellers. If crunching numbers appeal to you, please reach out, and I will be happy to run a personalized report on any market segment that interests you. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Nov. 13, 2024

Central Oregon Market Report | November 13, 2024

Central Oregon Market Report for November 13, 2024

Over the last few years, the Central Oregon housing market trends have been strong enough to create consistent market conditions across all three counties. Price increases slowed somewhat when mortgage interest rates increased, but inventory remained low enough to prevent a significant drop in home values. The last two years showed a slowing in sales volume, with available homes for sale increasing significantly this year. While the Fed lowered rates again last week by 25 basis points, mortgage rates this morning are at 7.02% for the national average of a 30-year fixed-rate conventional mortgage. A slowing economy, higher interest rates, and more homes listed for sale have begun taking a toll on the previously steady market. Stability across the three Central Oregon counties has given way to local market dynamics, making the trends in each county unique. 

 

 

Single-family homes for sale in Deschutes County decreased slightly to 1,062 due mainly to reduced sale activity and new post-election listings. Fifty homes are pending, with fifty-one completed transactions, with the median price reductions of -6.1% and -6.45%, respectively. This week last year, pending and closed sales were forty-three and forty-seven. Last year, mortgage rates were 7.43%, so the slight reduction in rates may account for the slight increase in sales volume. The most noticeable change year over year is in the number of homes for sale, with 792 listings on this week last year. While market conditions may at this time be similar to last year, the faltering economy and increase in homes for sale are beginning to alter the landscape of our market.

 

 

Crook County gained listings this week, now at 178, up thirteen from last week. Three pending sales and five closed transactions are identical to this week last year. However, there were only 146 active listings this week last year. Two of the three pending sales in Crook County this week were over $1M, showing a slowing in the activity in lower-priced homes. 

 

 

Jefferson County's active listings are unchanged from last week at 115. Three pending sales and four closed transactions compare favorably to this week last year when there were only two pending sales and no closed transactions. There were only 78 active listings this week last year, showing a sharp rise in inventory this year. 

 

 

Despite the Federal Reserve's efforts to bring down interest rates, the mortgage market is moving in the opposite direction due to an increase in yields for the 10-year Treasury. Mortgage interest does not directly correlate with the Fed overnight rate, but typically, Fed rate decreases trickle down to the mortgage markets. Whether mortgage rates begin to fall in line with Fed decreases remains to be seen and will depend on how much bond investors demand higher yields. Government deficit spending will continue with the next administration, and monetizing that debt creates a demand for higher yields from bond investors. Interest rates may concern today's buyers, but more homes are available for sale, and motivated sellers are helping to balance that out. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Nov. 6, 2024

Central Oregon Market Report | November 6, 2024

Central Oregon Market Report for November 6, 2024

The next significant news that could impact the housing market will be the Fed meeting and whether the overnight rate drops. Many predict another rate decrease, likely at no more than 25 basis points. However, while a decline in the overnight rate may impact credit card rates or car loans, it does not directly correlate to mortgage interest rates. Leading up to the aggressive 50 basis points rate decrease at the last Fed meeting, mortgage rates reached a low of 6.2%, but rates this morning are 7.04%. Last week, I touched on the activity in the bond market to explain this counter-intuitive move, with mortgage interest tied closely to the 10-year Treasury Note, which sits at 4.472% this morning. The 10-year Treasury needs to get closer to 4% or less to see an appreciable decline in mortgage interest rates. The Fed's limited tools and decreasing effect on our economy is a concern for bond investors as we wait to see where mortgage rates will trend in 2025. 

 

 

Inventory levels in Deschutes County for single-family homes dropped 58 this week to 1067. Fifty-five pending sales and sixty-six closed transactions are one less than last week's numbers and lower than the previous several weeks.Home prices have remained stable, with median price reductions ranging from -4.88% in the active inventory to -6.06% for the closed transactions. This range of price reductions is consistent with trends over the past year. This week, the median active list price is $770,000, the pending price is $679,900, and the closed price is $670,950. 

 

 

Crook County also experienced a drop in available inventory, now at 165 single-family homes for sale. Unlike Deschutes County, Crook County's activity remains consistent and strong, with seven pending sales and six closed transactions. The median active listing price of $599,900, pending price of $415,900, and closed price of $407,000 are all very close to trends over the last several weeks. Remember that the smaller transaction volume in Crook County and the median sale price can be impacted by Brasada Ranch sales, typically between $1.5M-$3M. 

 

 

Not to be left out of the decrease in seasonal inventory, Jefferson County also saw a decline this week, with 115 single-family homes available for sale. Three pending sales for the week are lower than a typical week in the county, but a solid eight closings are up over previous weeks. This week, the median active list price is $494,000, the pending price is $358,400, and the closed sale price is $378,625. 

 

 

Whether home sales pick up for the remainder of 2024 remains to be seen, and mortgage interest rates will heavily impact them. As we close out the year and head into 2025, inventory levels will drive the spring market. However, even this year's increased availability of homes for sale was considerably less than in years past. With roughly 5,000 new residents per year relocating to Deschutes County and more throughout Central Oregon, it is unlikely that conditions will change significantly. More often than not, the home you can afford that suits your needs deserves a close look. In my experience, waiting for conditions to change rarely produces better results. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Oct. 30, 2024

Central Oregon Market Report | October 30, 2024

Central Oregon Market Report for October 30, 2024

With Thanksgiving just over a month away, the off-season housing market in Central Oregon has officially arrived. Typically, sales slow, inventory declines more rapidly, and many buyers pull back as holiday travel plans and commitments take center stage. While our elevated inventory relative to the previous few years is helping with selection, mortgage rates over 7% this morning are creating a headwind. However, sellers are motivated, and negotiated prices are helping buyers. Creativity in the form of rate buy-downs and seller credits at closing can help buyers and sellers achieve their goals.

 

 

This week, 1125 homes are listed for sale in Deschutes County, down 20 from the previous week. In a rare turn, there were more closings (67) than pending sales (56), highlighting a buyer retreat. 

 

Crook County inventory dropped six to 178 active listings. Six pending sales and four closed transactions are typical of the last several weeks. One of the Crook County sales was in Brasada Ranch, the sought-after golf course community near Powell Butte.

 

 

The number of active listings in Jefferson County increased by two to 119 homes for sale. Five pending sales in the county align with recent activity, with only one closed transaction. The sold property this week closed at $304,900, showing a reduction from the asking price of -4.62%.

 

 

Barring any tallying issues, we will know who our next president will be at this time next week. Another job report and a Fed meeting on the 6th and 7th will likely create short-term volatility in the mortgage markets. I expect the Fed to back off the dot-plot predictions of further rate decreases and to hold steady at the next Open Market Committee meeting. You can probably guess that I believe this time of year is an excellent opportunity for buyers. Lingering inventory and higher mortgage rates should keep home prices in check for buyers in the foreseeable future. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.
Oct. 23, 2024

Central Oregon Market Report | October 23, 2024

Central Oregon Market Report for October 23, 2024

The drop in mortgage interest rates was a minor blip in the trajectory. This morning, rates for a 30-year fixed-rate mortgage were 6.85%. Being under 7% is helpful, and rates should soften over the next several months. However, recent trends prove there is no direct correlation between Fed activity and mortgage rates. With the lending and real estate industries proselytizing on the pending rate "drop," it would be easy to hyper-focus on this metric. Rates certainly impact affordability, but rates and prices tend to move in opposite directions, much like the price/yield relationship with bonds. Many sellers are coming off their list price to secure contracts this fall, and buyers benefit. With significantly more homes for sale than in the last few years, conditions favor buyers. 

 

 

Inventory in Deschutes County dropped to 1145 single-family homes this morning, down twenty-eight from last week. This week last year, there were 838 homes listed, making the selection this year significantly better for buyers and forcing sellers to adjust. Sixty-seven pending sales and forty-nine closed transactions show steady activity, if not a bit subdued from the pace of summer sales. This week's average pending sale price is $804,538, with the average closed sale price at $913,145. 

 

 

Crook County's inventory climbed three to 184 single-family homes for sale, showing remarkable stability in the home supply. This week last year, there were 148 homes listed in the county. Seven homes are pending at an average list price of $490,535, with eight closed transactions at an average sale price of $557,112.

 

 

The housing supply in Jefferson County also shows remarkable stability. There are 117 homes listed, down only one from last week. This week in 2023, there were 83 listings. Five pending sales at an average list price of $459,000 and five closed transactions at an average sale price of $412,480 are consistent with the past several weeks in the county. 

 

 

Putting price and interest rates aside, the increased inventory of homes for sale in Central Oregon is a big help for buyers. How much inventory declines this winter will be a sign for the 2025 housing market. If sellers feel more marketing time is required and leave homes listed for the winter, increased spring inventory will shape the market. We already see that accurate pricing is critical to selling homes, and I anticipate that will continue. Although approximately 5,000 new residents per year call Deschutes County home. Supply and demand are wildcards that can be difficult to quantify. 

 

Reed

Your Bend Real Estate Agent is here to help

Reed Melton serves Bend and surrounding areas

Whether you are searching in Bend or any of the close by areas, I want to help you find the perfect property. Even if you are in the beginning stages of your search, I always like to be a resource, no pressure ever.