Homes for sale in Deschutes County increased again this week to 644 as of this morning. However, in a clear sign that the market has changed from last year's frenzy, only 71 single-family homes sold last week, compared to 148 the first week of September 2020. In addition, mortgage rates were unchanged at 2.78%, and the median days on the market for sold homes this week was only seven! The median days on the market for actively listed homes is 34, with 283 price decreases averaging 6.37% and a median sale price of 590k. The mixture of homes sold last week covers all price points between 250k-$3.25M, showing buyer demand throughout the housing market. While desirable, well-priced properties are selling quickly, our active inventory averages 52 days on the market.
The sold volume for the first week of September is the lowest of the last several years, while total sales year to date of 3565 is up 110 sales from last year's record volume. If buying before the end of the year is your goal, keep in mind that many homes are still selling in a matter of days, even though some are lingering. While 2021 has already eclipsed last year's sales volume, all indicators point to significantly fewer transactions to close out the season. This fall might be the break many buyers have been waiting for with record-low interest rates and rising inventory!
