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Inventory across Central Oregon is up over last week as listings increase, heading towards the peak selling season. Homes listed for sale are also up from last year, a factor that is contributing to increased sales volume year to date. By this day in 2023, 443 single-family homes sold in Deschutes County at a median price of 620k. As of this morning, there have been 484 sales in the county at a median of 665k, a not-insignificant increase. Interestingly, on this day in 2023, the national average for a 30-year fixed-rate mortgage was 6.62%, compared to 6.92% this morning. Of course, every buyer would love access to low mortgage rates, but there is much more to purchasing a home than interest rates. For Central Oregon, suitable choices outweigh rates, and more available inventory is helping buyers find the right home.
Deschutes County Listings
This morning in Deschutes County, there are 595 single-family homes listed at a median of $739,900 and an average of $1,115,364. That is an increase of twenty-three over last week as we head to a peak sometime in late summer. Last year's peak was in mid-September at 909 single-family listings, so we still have a way to reach peak inventory. Whether we break the 1,000 listing barrier remains to be seen, but that seems possible based on inventory trends to start 2024.
Crook County Listings
Crook County shows 114 listings this morning, up seven from last week. The median asking price is 639k, and the average is 925k. Sales year to date are up modestly, at fifty-eight from fifty-two in 2023, with prices down slightly, at 443k from 449k. With the smaller data pool of Crook County sales, even a few sales in Brasada Ranch could skew the median sales price higher, and I expect just that as we get further into summer.
Jefferson County Listings
Jefferson County inventory increased four this week to seventy-six single-family homes at a median of $431,450 and an average of $519,327. Unlike Crook and Deschutes County, sales are down this year in Jefferson County. Year to date, in 2023, there were thirty-one sales at a median of 365k, while this year's activity is significantly less at only twenty sales. However, the median sale price this year jumped to 443k. As always, the smaller the data set, the less reliable the numbers. The most noticeable difference in 2024 from last year was the lack of sales below 300k.
Market Trends
As I've mentioned several times this year, I do not expect interest rates to change much in 2024. The most recent CPI data is pushing the Fed towards "higher-longer." The good news is that higher rates are increasing inventory, and more choices are helping buyers find excellent properties that meet their needs. Some properties that have lingered on the market have lowered the asking price and are likely to sell this season. With mortgage rates continuing to fluctuate, staying in contact with your lender is imperative if you want to capitalize on dips in interest rates. Whether you need a lender referral or a price opinion, I am always available, so do not hesitate to reach out!
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