Across the entire luxury and farm market listings over $1 million in Crook and Deschutes County, net inventory is down by two this week. Coming off a mild winter and early spring weather, the lack of growing supply is surprising. I mentioned in my Wednesday report that the market can make a lot of ground over the summer, but without inventory, the chances of increased transaction volume decrease. Reduced supply is a surprising development, likely impacted by higher mortgage interest rates and geopolitical turmoil. At this stage of the selling season, it is too early to know how the year will unfold. Still, the longer it takes for inventory to build and the more subdued the build-up, the less likely it is that transaction volume surpasses 2025 levels.
This morning in Deschutes County, inventory between $1 million and $1,999,999 is 270, down by two from last week. This week in 2025, there were 276 listings. Sixteen sales are pending, up by six from last week, and identical to this week in 2025. Thirteen transactions closed, up by one from last week, and down by one from this week in 2025. Five of the closed transactions reduced the list price before securing a buyer by an average of 6.54%, and the sold-to-original-list-price ratio was 95.68%. Year-to-date sales are at 123, down by ten from last year.
The Deschutes County inventory between $2 million and $2,999,999 is 68, down by one from last week. This week in 2025, there were 81 listings. Two sales are pending, the same as last week, and up by one from this week in 2025. Four transactions closed, up by three from last week, and down by two from this week in 2025. One of the closed transactions reduced the list price before securing a buyer by 3.58%, and the sold-to-original-list-price ratio was 96.37%. Year-to-date sales are 21, down 3 from last year.
Listings over $3 million in Deschutes County are down by 3, to 32, compared to 31 this week in 2025. Two pending sales are the first activity in the price tranche since the week ending February 27, up one from this week in 2025. One transaction closed at $3,585,000 in Caldera Springs at 95.6% of the original list price. Six transactions have closed year-to-date, down by 2 from last year.
Crook County listings over $1 million are down by one at 36, compared to 48 this week in 2025. Two pending sales are up from none last week and zero this week in 2025. One transaction closed this week on SW Mount Adams Loop in Powell Butte Estates at $ 1,084,500, 96.4% of the original list price. The Crook County luxury market is the outlier in Central Oregon, with 11 sales so far in 2026, compared to 6 at this time last year.
Deschutes County farm listings over $1 million are stable at 14 with no pending or closed transactions. Crook County farm listings over $1 million increased by one to 11. There were no pending or closed transactions this week.
So far, 2026 has thrown some curveballs in terms of supply and transaction volume. Despite a recent rise in mortgage rates, the national average for a Jumbo loan is 6.6%, 20 basis points lower than it was this week in 2025. It takes time for buyers to process increases in mortgage rates, especially given that much of the national media had predicted rates in the high 5% range by this time of year. Buyers have a lot to consider this spring. While inventory is reasonable compared to the last few years, many expected a greater supply than we have seen thus far. Sale prices are stable, but with the market relatively flat since the 2022 peak, overpriced listings stand out for all the wrong reasons. I am happy to create a comprehensive market analysis tailored to your specific needs. My market analysis is just as helpful for buyers as sellers, so don't hesitate to reach out.
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