Buyer's Market?
As expected, homes for sale in Deschutes County grew slightly to 648 as of this morning. But, not surprisingly, the 30-year fixed-rate mortgage dipped slightly to 2.86%, maintaining the trend below three percent since April 2021. In addition, compared to last year, home sales declined this week, with 97 single-family homes sold in Deschutes County last week, compared with 165 this week last year. Of the active inventory, 44.61% have reduced the asking price by an average of 5.83%. The median list price of homes for sale is $789,500. Conversely, the homes that sold last week had a median sale price of 614k and nine median days on the market. Just over fourteen percent of the homes sold last week lowered the asking price by an average of five percent.

Comparing the active inventory with the homes that sold last week sheds some light on the trends in today's market. For example, the median days on the market for the active inventory is 36, compared with nine days for the homes that sold last week. Thus, some segments of the market are still moving quickly, while others are starting to slow. So, for buyers that have been wondering when their opportunity would arise, now may be your time! The combination of more homes for sale, low-interest rates, and prices softening point to opportunities. 
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Stellar Realty NW
Reed Melton
(541) 408-6625
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