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Inventory growth in Central Oregon continues, and I will compare some national numbers to what is happening locally for perspective. Mike Simonsen, the CEO of Altos Research, posts a weekly video about national market trends, reporting 31% more inventory nationally this week than in 2023. Nationwide, more sellers are coming to market than at any point in 2023, even though inventory is still relatively low. The 30-year fixed-rate national average for a conventional mortgage is 7.38% this morning, up from 6.58% this week last year. Pending sales nationwide reached an all-time high for the median price this week. Altos Research produces the Market Trend Reports I share on my website, where all ten Central Oregon zip codes are listed.
Market Trends
Deschutes County inventory was heavily constrained last year, and many sellers who sat out 2023 are listing their homes this spring. This week in 2023, there were 523 single-family listings in Deschutes County, while this morning, there were 788, an increase of 50.67%. The daily flow of new listing announcements in the Realtor backchannels is more fire hose than garden hose, and I also have a new Southwest Bend listing to announce next week.
Deschutes County Listings
This week shows 73 pending sales in Deschutes County, down only two from last year. The median price was 689k, and the average was 927k. This week's pending sales in 2023 had a median price of 735k and an average of 837k. Fifty-four homes sold this week at a median of 676k and an average of 857k. Last year, sales were up slightly at sixty-five, but the prices were down, with a median of 602k and an average of 720k.
While market activity is robust by recent measures, it is not equal across all segments. Attractive, well-priced properties are moving quickly in Deschutes County, with the median pending days at fourteen and the sold days at sixteen. The median days on the market for active inventory is forty. I have heard some agents concerned about listings languishing despite price drops and robust marketing, most likely attributed to higher borrowing costs. There is little doubt that the housing market today is challenging from many perspectives.
Crook County Listings
Crook County inventory finally reached 120 listings this week, with eleven pending sales and six closed transactions. This week last year, there were 107 active listings, twelve sales, and three closings, so the county reflects similar activity to 2023. The median days on the market for pending sales was twenty-eight, with closed sales at fourteen.
Jefferson County Listings
Jefferson County inventory increased to 80, with one pending sale and six closed transactions. The pending sale was an investor opportunity for $160,000 on the market for only three days. The six closed transactions, with a median price of $412k, were listed for a median of ninety-four days.
Single-family home sales in Deschutes County year-to-date are 847, a 6.1% increase from the year-to-date 2023 sales of 798. However, the median sale price of 680k is a 10.4% increase from last year's 616k, and the average price of 827k is a 9.7% increase from 2023's 754k.
Deschutes County Over $2M
On the high-end, sales this year-to-date above $3M increased two to Six, while the median sale price is down slightly at $3,250,00 from $3,316,120. The average sale above the $3M mark is up slightly at $3,290,833, an increase of $5,001. This morning, twenty-nine homes above $3M are available, with the median at $4,100,000 and the average at $4,961,517. Sales of available inventory in the higher price points could skew 2024 sales in this segment up significantly, or sellers need to reduce the asking price. However, with five pending sales in the last month at this price point at a median list price of $3,850,000 and an average of $3,685,800, buyers so far are stepping up for these unique opportunities. After touring many higher-end homes recently, there is little question that the available inventory above $4M is in a class of its own.
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No matter your budget, I put the time into learning all segments of the Central Oregon housing market, and I look forward to sharing my knowledge to help you reach your goals. Contact me with any questions you have about our challenging market.
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