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Buyers across Central Oregon are re-engaging the market with robust activity and dips across the board in inventory. This morning, the 30-year average for a fixed-rate conventional mortgage is 6.20%, unchanged from the last several days. I suspect many motivated buyers recalculated loan preapprovals over the previous few weeks, found homes and took action. Market conditions have considerably more impact than presidential elections, and buyers are stepping up.
Sisters, Oregon Ultimate Guide
This morning, 1192 single-family homes are listed in Deschutes County, down from nine the previous week and the lowest number since June. Pending and closed transactions were both at 89, with the average pending sale price at $864,318 and the sold at $742,675. Inventory trends fluctuate over the seasons, and last week's flatline looks like an anomaly.
Deschutes County Listings
Crook County wasn't excluded from the activity, with 179 listings this week, down three from the previous week. Pending and closed transactions also aligned, with nine in each category. The average pending sale price was $914,422, with the closed at $602,221. Prices are especially firm, with the sold-to-list ratio at 101.99% and the sold-to-original-list-price ratio at 100.38%.
Crook County Listings
Jefferson County inventory dropped four to 116 single-family homes listed. Six pending sales, at an average of $679,141, and four closed transactions, at an average of $516,500, are in line with the past several weeks. The average price reduction on the closed transactions was only 1.17%.
Jefferson County Listings
As the Federal Funds Rate declines, the velocity of money increases, putting upward pressure on inflation and hard asset prices. This dynamic is compounded by supply and demand in housing, and we are beginning to see an increase in activity after the recent decline in mortgage rates. With several more rate decreases telegraphed in the Fed dot plots, activity in the Central Oregon housing market should pick up through the remainder of the year and start with a bang in the spring. The increased activity will bring inventory down, increasing competition.
Bend, Oregon Ultimate Guide
There is little doubt that more homes on the market, seasonal price declines, and lower rates have created one of the best buying opportunities in a few years. However, targeting any particular time as "buy now!" or attempting to time the market is generally a poor strategy. The most critical component is your situation, especially if you plan to hold property for the long haul. Real estate in Central Oregon is on a steady upward trajectory, as is our population. 1997, there were 103,180 residents, and the average home sale price was $161,108. In 2007, those numbers increased to 150,113 residents, and the average sale price was $427,466. Last year, Deschutes County's population increased to 212,141; the average sold home price was $812,271.
"Don't wait to buy real estate; buy real estate, and wait."
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