List categories, subcategories and posts from custom taxonomy and custom post type

You just need to tweak the logic so that if ( have_posts() ) : is only run if get_term_children() is empty, which it will be on the lowest level:

$term = get_queried_object();
$term_id = $term->term_id;
$taxonomy_name = $term->taxonomy;

$termchildren = get_term_children( $term_id, $taxonomy_name );

if ( ! empty( $termchildren ) ) {
    echo '<ul>';

    foreach ( $termchildren as $child ) {
        $term = get_term_by( 'id', $child, $taxonomy_name );
        echo '<li><a href="' . get_term_link( $term, $taxonomy_name ) . '">' . $term->name . '</a></li>';
    }

    echo '</ul>';
} elseif ( have_posts() ) {
    while ( have_posts() ) : the_post();
        get_template_part( 'content', 'oferta' );
    endwhile;

    twentytwelve_content_nav( 'nav-below' );
} else {
    get_template_part( 'content', 'none' ); 
}

In that example I added if ( ! empty( $termchildren ) ) and changed if ( have_posts() ) to elseif ( have_posts() ).

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