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Mortgage rates have fallen slightly from recent highs, but the Central Oregon housing market has slowed, and with the holiday season just around the corner, sales volume is unlikely to increase. However, sellers are negotiating on price and, in many cases, offering seller credits toward rate buydowns that make a compelling case for buyers. Supply remains steady, giving buyers more selection than typically seen this time of year and creating some great opportunities this fall.
Ultimate Guide to Sisters Oregon
Deschutes County inventory declined to 1,346 today, down 12 from last week, compared to 1,255 this week last year. Forty pending sales are down by 4 from last week, compared to 64 on this week last year. Closed transactions this week are steady at 69, up by 11 from last week, with 38 of those sales reducing their asking price by an average of 8.35% before securing a buyer. The sold-to-original-list price ratio was 93.96%.
Deschutes County Listings
Crook County inventory increased by 5 this week to 272, compared to 217 this week last year. Four pending sales match last week's volume, but are half the volume of this week last year. Closed transactions were strong at 8, double last week's total, and 5 of those transactions reduced their asking price by an average of 7.46% before securing a buyer. The sold-to-original-list-price ratio was 91.1%.
Crook County Listings
Jefferson County inventory is stable at 151, up from 130 on this week last year. Four pending sales this week are down by 1 from last week, compared to 3 on this week last year. Five closed transactions match this week last year, up from 1 last week, and 4 of those listings reduced their asking price by an average of 7.36% before securing a buyer. The sold-to-original-list-price ratio was 94.27%.
Jefferson County Listings
This fall, our weather has been wonderful, giving buyers every opportunity to explore their options fully. Sellers are showing their motivation with price reductions, negotiating beyond those initial drops, and, in some cases, offering seller credits for rate buydowns. Together, these moves have negated the impact of higher mortgage rates in some deals, creating real opportunities for buyers. After years of stable pricing in the Central Oregon housing market, prices falling despite higher mortgage rates is a welcome relief for today's buyer.
Market analysis is especially important right now, and exceedingly challenging as our market adjusts to the current economic climate. I produce these analyses several times a week, and I would be happy to run a report based on your specific needs. As quickly as the market is adjusting, you might be surprised by what you find!
Ultimate Guide to Bend, Oregon
Want a market analysis tailored to your goals or a seller/buyer strategy for Central Oregon luxury properties? Reach out, and I’ll prepare a custom report.
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