There are 211 single-family homes for sale in Deschutes County this morning, with a median list price of $995,000. The median days on the market have ticked up slightly to 27 as buyers struggle to find appropriate homes they can afford. Vacant lots are somewhat more plentiful than homes in Deschutes County, with 250 for sale at a median list price of 392k. After several weeks of upward pressure, mortgage interest rates dropped slightly to 3.13%, eliminating any inventory buildup.
In Crook County, the numbers are a tale of two cities, with the majority of the homes in Prineville listed under $1M, and the Powell Butte area properties all listed well above $1M. The median list price in all of Crook County is 457k, with 35 days on the market, but filtering out the Brasada Ranch and Powell Butte properties drops the median list price to 387k and only 21 days on the market! The Powell Butte area homes' median list price is $1,520,000, and 36 days on the market. In both cases, buyers are stepping up to current pricing to secure homes with seemingly no end to demand.
The median list price in Jefferson County is 439k, with 37 homes on the market and a minuscule 16 days before going under contract! The twenty-four homes listed under 500k drop the median list price to $319,950 and increase the days on the market to 17.
The strong seller's market in Central Oregon shows no signs of slowing as long as the Fed continues its current fiscal policy. Unless interest rates change significantly, be prepared for another robust summer of home sales and escalating prices.