As the last several hours of 2021 come to a close, it is hard to believe another year is ending. While talk of rising mortgage rates has been growing louder, rates dropped at yearend to 3.05% from 3.12% last week. The supply of single-family homes in Deschutes County declined further to 319, with 40 homes pending in the previous week and 49 closed deals. Thirty-four homes were listed last week, proof that demand is far more robust than supply at the moment. There are 25 condos and townhouses listed in Deschutes County this morning, with three closings last week. Last week, the median sale price was 615k and six days on the market. The active inventory has a median list price of 819k and 75 days on the market.
In Crook County, there are 70 homes currently listed for sale, with nine homes sold last week. There are three condos listed in Crook County at the moment with no sales last week.
Jefferson County has 37 single-family homes listed for sale this morning, with four homes sold last week.
In 2020, 5,326 single-family homes sold in Deschutes County at a median sale price of 465k. 2020 shows a 9.7% increase in home prices from the previous year, against 4,630 sales. 2021 might fall just short of last year's sales volume, currently at 5,195 sold homes. Although, the median sale price for single-family homes in Deschutes County this year was 602k, a 29.5% increase! Putting this all in perspective, the 2015 median sale price for Deschutes County was 310k! While prices may be sky-high, with the limited inventory at any given moment and mortgage interest rates still historically low, the current dynamic should continue.
Thank you for relying on me for your real estate needs, and I wish you the best for 2022. Happy New Year!
