With Thanksgiving barely a week away, the inventory of single-family homes for sale in Deschutes County has predictably decreased to 480. The median list price of $769,500 has remained relatively stable, while 195 of those homes have reduced the asking price. The big story this week is the significant reduction in sales volume over the last week. From 2017 through 2020, sales for this week in November averaged 120 single-family homes in Deschutes County. Last week there were 82 single-family home sales, a 31.67% decrease from average. Of the many factors impacting buyers' decisions, please don't blame it on interest rates! The 30-year fixed-rate mortgage rate dropped last week to 2.98%, down from a recent high of 3.14%. The fundamentals of the Central Oregon housing market have not changed significantly, and low inventory of homes will continue to apply upward pressure on home prices. "What goes up must come down?" is an unlikely scenario for homes in the foreseeable future, although the pace of price increases has slowed.
Thanksgiving in Central Oregon is the kick-off to ski season, and more visitors from out of town, a welcome sight for the small business community. But, unfortunately, warm temperatures in the mountains have delayed the opening of Mt. Bachelor one week to December 3. So, pray for snow and big storms in time for Christmas!
