For several weeks now, single-family homes for sale in Deschutes County have been rising, fueled by solid buyer demand and record-low mortgage interest rates. The national average for a 30-year fixed-rate mortgage dropped again this week to 2.77%, and homes for sale increased to 575, with another dozen ready to go in the "coming soon" section of the MLS. However, while the rising inventory and low-interest rates are great for buyers, only 79 homes sold in the last week, compared to 145 for the same period of 2020 and 107 for this week in 2019. In addition, last week, the median sale price rose again to $14,128, just shy of 640k. Summer winding down and more normal schedules for many most likely explains the slowdown in sales from our frenetic pace of the last eighteen months. However, with only six median days on the market for sold homes the previous week, selling still happens quickly.
Homes may be going under contract quickly, but closing dates are pushed back to accommodate inspections, appraisals, etc. Many businesses that support the real estate industry are short-staffed, and the volume of closings this year has many of them stretched thin. The dynamic has brought a "hurry up, and wait" aspect to home buying and selling, keeping everything exciting. Excitement might not be the word you would choose as a buyer in today's market, but I am here to take care of those issues! As the housing market moves into the next phase, knowing the trends are more important than ever. Track them yourself with Market Reports and Market Trends on EnjoyBendLife.com, or let me compile a personal analysis of your specific goals. Either way, I am here to help!
